- General Mills Inc GIS reported fourth-quarter FY22 sales growth of 8% year-on-year to $4.89 billion, beating the consensus of $4.81 billion.
- North America Retail segment sales increased 11% Y/Y to $3 billion. Pet segment sales increased 37% to $610 million, while International segment sales fell 21% to $750 million.
- Adjusted EPS of $1.12 topped the consensus of $1.01.
- The gross margin expanded 120 basis points Y/Y to 36.2%. Adjusted gross margin was down 70 basis points to 33.8%.
- The operating margin expanded 870 basis points to 20.8%, and operating income for the quarter jumped 85% to $1 billion.
- General Mills held $569.4 million in cash and equivalents as of May 29, 2022. Net cash provided by operating activities for FY22 totaled $3.3 billion.
- "Though significant inflation and supply chain disruptions put pressure on our margins, we responded quickly to address those challenges and keep our brands on the shelf for our customers and consumers," said Chairman and CEO Jeff Harmening.
- Dividend: General Mills' board of directors declared a quarterly dividend of $0.54 per share, payable August 1, 2022, to shareholders of record July 8, 2022, representing a 6% increase from the previous quarterly rate of $0.51 per share.
- Outlook: General Mills expects FY23 organic net sales growth of 4% - 5%.
- The company sees an FY23 adjusted EPS growth of 0% - 3% increase in constant currency.
- Price Action: GIS shares are trading higher by 2.41% at $71.95 in premarket on the last check Wednesday.
- Photo Via Company
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