GENERAL MILLS Reports Second Quarter Earnings for FY2024

🌥️Earnings Overview

For the second quarter of fiscal year 2024 ending on November 30 2023, GENERAL MILLS ($NYSE:GIS) reported a total revenue of USD 5139.4 million and net income of USD 595.5 million. Both figures represented a decrease of 1.6% and 1.7%, respectively, from the same quarter in the previous year on December 20 2023.

Stock Price

The company’s stock opened at $64.0 and closed at $64.3, representing a 3.6% decrease from the previous closing price of 66.7. Despite the overall market volatility, GENERAL MILLS reported strong financial results for the quarter. These results show that GENERAL MILLS is in a strong financial position despite the current market conditions. The company is confident that it will continue to perform well in the upcoming quarters and will remain a leader in its industry. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for General Mills. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for General Mills. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for General Mills. More…

Key Ratios Snapshot

Some of the financial key ratios for General Mills are shown below. More…

Analysis

GoodWhale has conducted an analysis of GENERAL MILLS‘s financials. According to the Star Chart, GENERAL MILLS has a high health score of 8/10 with regard to its cashflows and debt, meaning that it is capable to sustain future operations in times of crisis. We also noted that GENERAL MILLS is strong in dividend and profitability, while being comparatively weak in asset and growth. Based on this analysis, we classify GENERAL MILLS as a ‘rhino’ type of company; one that has achieved moderate revenue or earnings growth. As a result of the high health score and moderate growth rate, we believe that investors who are looking for a relatively safe investment with moderate returns may be interested in getting involved with GENERAL MILLS. In particular, dividend investors may be attracted to the company’s strong performance in this area. Of course, any investor should do their own research before committing to an investment. 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

GENERAL MILLS reported their second quarter earnings results for FY2024, revealing a 1.6% drop in total revenue to USD 5139.4 million and 1.7% decrease in net income to USD 595.5 million compared to the same quarter a year prior. This news resulted in the stock price dropping on the same day. For investors, GENERAL MILLS is not faring well compared to the same period a year prior, which may indicate that further research is needed before investing in the company. It is also important for investors to keep an eye on the company’s upcoming earnings reports and any news of new developments that could impact its stock price.