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General Mills Targets Mid- To High-single-digit CC Growth In Adj. EPS

General Mills (GIS) outlined its accelerate strategy at the Consumer Analyst Group of New York 2021 Conference. It also reaffirmed its fiscal 2021 third-quarter and full-year financial guidance.

The company targets to deliver mid- to high-single-digit constant-currency growth in adjusted earnings per share and top-tier shareholder returns over the long term.

The company aims to generate organic net sales growth of 2 to 3 percent; convert at least 95 percent of adjusted net earnings into free cash flow; and return about 80 to 90 percent of free cash flow to shareholders through dividends and share repurchases.

The company still expects third-quarter organic net sales growth to be roughly similar to the second quarter's growth rate. It expects adjusted operating profit margin to be in line with the prior-year third quarter.

Looking ahead for fiscal 2021, the company still projects adjusted operating profit margin to be in line or better than the previous year.

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