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General Mills Q2 profit beats estimates

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Christian Fernsby ▼ | December 18, 2019
General Mills reported that its second-quarter adjusted earnings per share improved 11 percent year-on-year in constant currency to $0.95.
General Mills
General Mills   Adjusted operating profit was $813 million, up 7 percent in constant currency
On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.88, for the quarter.

Topics: General Mills

Analysts' estimates typically exclude special items.

Adjusted operating profit was $813 million, up 7 percent in constant currency, primarily driven by higher adjusted gross margin and lower consumer promotional expense, partially offset by higher media expense.

Second-quarter net sales were $4.42 billion, flat to last year.

Organic net sales increased 1 percent, driven primarily by strong growth for the Pet segment.

Organic volume was up 1 percent and organic net price realization and mix was in line with last year.

Analysts expected revenue of $4.43 billion, for the quarter.

For fiscal 2020, General Mills reaffirmed its targets for sales, profit, and earnings per share.

Constant-currency adjusted earnings per share are expected to increase 3 to 5 percent.

Organic net sales are expected to increase 1 to 2 percent.

The company now expects free cash flow conversion of at least 105 percent of adjusted after-tax earnings.