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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.

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