General Mills (GIS) Q3 Earnings: What To Expect

Max Juang /
2024/03/19 3:01 am EDT

Packaged foods company General Mills (NYSE:GIS) will be announcing earnings results tomorrow before the bell. Here's what to expect.

Last quarter General Mills reported revenues of $5.14 billion, down 1.6% year on year, missing analyst expectations by 4.1%. It was a weak quarter for the company, with a miss of analysts' volume growth, organic revenue growth, and total revenue estimates. Margins were better, leading to an EPS beat. However, the company lowered its full year revenue outlook based on a "slower volume recovery".

Is General Mills buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting General Mills's revenue to decline 3.1% year on year to $4.97 billion, a deceleration on the 13% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.05 per share.

General Mills Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates three times over the last two years.

With General Mills being the first among its peers to report earnings this season, we don't have anywhere else to look at to get a hint at how this quarter will unravel for consumer staples stocks, but there has been positive sentiment among investors in the segment, with the stocks up on average 2.4% over the last month. General Mills is up 3.6% during the same time, and is heading into the earnings with with analyst price target of $69.1, compared to share price of $68.2.

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