logo
  

General Mills Initiates FY23 Outlook; Boosts Qtly Dividend 6% - Update

While reporting financial results for the fourth quarter and fiscal 2022 on Wednesday, branded food company General Mills, Inc. (GIS) initiated constant-currency adjusted earnings per share and organic net sales growth guidance for the full-year 2023.

General Mills said it expects the largest factors impacting its performance in fiscal 2023 to be the economic health of consumers, the inflationary cost environment, and the frequency and severity of disruptions in the supply chain.

The company also estimates the net impact of a series of portfolio reshaping transactions to reduce fiscal 2023 adjusted operating profit growth and adjusted earnings per share growth by approximately 3 percent each.

For fiscal 2023, the company now projects constant-currency adjusted earnings per share to range between flat and up 3 percent on organic net sales growth of 4 to 5 percent.

The Street is currently looking for earnings of $3.96 per share on revenue growth of 1.1 percent to $19.11 billion for the year.

The General Mills board of directors also declared a six percent higher quarterly dividend of $0.54 per share, payable August 1, 2022, to shareholders of record July 8, 2022.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. may face production shortfall of as many as 6 million iPhone Pro units this year due to ongoing protests at its major China plant, Bloomberg reported citing a person familiar with assembly operations. Following the news, Apple shares were losing around 2.2 percent in pre-market activity on the Nasdaq. Despite fears of inflation, consumers spent $9.12 billion for online shopping during Black Friday, higher than in previous years, as per a report published by Adobe Analytics. During the 2022 holiday season, total estimated revenues are $209.7 billion, a growth of 2.5 percent from last year's recorded revenues of $205 billion. Weis Markets, Inc., a Mid Atlantic food retailer, has recalled 108 containers of Weis Quality Sea Salt Caramel Ripple Ice Cream citing possible presence of undeclared soy and coconut allergens, the U.S. Food and Drug Administration said. The recalled product comes in 48oz containers that says Weis Quality Sea Salt Caramel Ripple Ice Cream, while the lid says Weis Quality Caramel Caribou Ice Cream
RELATED NEWS
Follow RTT