GENERAL MILLS Reports Positive Earnings for First Quarter of FY2024
September 22, 2023
☀️Earnings Overview
GENERAL MILLS ($NYSE:GIS) reported their first quarter of FY2024 earnings results on August 31 2023, with total revenue of USD 4904.7 million, which was a 4.0% increase from the same period last year. Unfortunately, net income decreased by 17.9%, amounting to USD 673.5 million.
Market Price
On Wednesday, GENERAL MILLS announced their financial results for the first quarter of its fiscal year 2024. This positive result was driven by strong sales growth in their international markets, which offset some of the softer sales in their North American operations. GENERAL MILLS stock opened at $66.5 on Wednesday and closed at $65.9. This decrease can be attributed to investors cashing out after the announcement of the positive earnings and the company’s outlook for the second quarter.
Nonetheless, investors remain confident in GENERAL MILLS’ ability to continue their growth in the coming quarters. Overall, GENERAL MILLS has had a positive first quarter of FY2024, posting better than expected results despite some challenges in their North American market. With investors feeling confident in the company’s prospects, it looks like GENERAL MILLS is well-positioned for continued success in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for General Mills. More…
| Total Revenues | Net Income | Net Margin |
| 20.28k | 2.45k | 12.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for General Mills. More…
| Operations | Investing | Financing |
| 2.77k | -747.7 | -2.13k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for General Mills. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 31.32k | 20.8k | 17.66 |
Key Ratios Snapshot
Some of the financial key ratios for General Mills are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 4.1% | 1.6% | 18.8% |
| FCF Margin | ROE | ROA |
| 10.0% | 23.0% | 7.6% |
Analysis
At GoodWhale, we have conducted an analysis of GENERAL MILLS‘s fundamentals. Based on our star chart, we have concluded that GENERAL MILLS is classified as a ‘rhino’, a type of company that has achieved moderate revenue or earnings growth. This makes GENERAL MILLS an attractive investment for value investors who focus on dividend yield and profitability, but may not be the best fit for those looking for higher growth potential. In terms of financial metrics, GENERAL MILLS is strong in dividend and profitability, but weak in asset and growth. However, it has a high health score of 8/10 with regards to its cashflows and debt, indicating that it is capable to sustain future operations in times of crisis. More…
Peers
JM Smucker Co, Newberry Specialty Bakers Inc, and J&J Snack Foods Corp are all companies that compete with General Mills Inc.
– JM Smucker Co ($NYSE:SJM)
The J.M. Smucker Company has a market capitalization of $14.97 billion as of 2022 and a return on equity of 7.19%. The company manufactures and markets food and beverage products, including coffee, peanut butter, shortening and oils, frozen sandwiches, fruit spreads, syrups, and toppings. It also produces pet food, pet snacks, and pet food ingredients. The company was founded in 1897 and is headquartered in Orrville, Ohio.
– Newberry Specialty Bakers Inc ($OTCPK:NBRY)
J&J Snack Foods Corp is a leading manufacturer and distributor of snack foods and beverages. The company’s products include pretzels, chips, popcorn, frozen desserts, and more. J&J Snack Foods Corp has a strong presence in the United States and internationally. The company’s products are sold in over 100 countries. J&J Snack Foods Corp is a publicly traded company on the NASDAQ stock exchange. The company’s stock ticker symbol is JJSF. J&J Snack Foods Corp was founded in 1971 and is headquartered in Pennsauken, New Jersey.
Summary
Investors should consider the recent earnings results of General Mills for the first quarter of FY 2024 which ended on September 20. Total revenue increased 4.0% compared to the previous year, but net income decreased 17.9%. Despite the decline in net income, the company’s revenue increase suggests positive performance.
Investors should determine whether this increase in revenue is sustainable and will result in improved earnings in the future. If so, the stock could be worth considering for potential investment.
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