GENERAL MILLS Reports Third Quarter Earnings for FY2023 on March 23.
March 24, 2023
Earnings Overview
GENERAL MILLS ($NYSE:GIS) reported a total revenue of USD 553.1 million for the third quarter of FY2023, which ended on February 28 2023, representing a 16.2% decrease from the same period in the prior year. Net income rose by 13.0% to USD 5125.9 million. The results were announced on March 23 2023.
Transcripts Simplified
On a reported basis, net sales were flat compared to last year. We delivered these strong results in spite of ongoing volatility in the U.S. retail environment caused by the coronavirus pandemic. Our focus on executing our long-term strategies and our portfolio of iconic brands contributed to delivering a double-digit increase in adjusted earnings per share. We remain focused on driving profitable top-line growth, improving our cost structure and transforming our company culture.
In the quarter, we continued to make significant investments in our brands and operations to support future growth, while also delivering strong cash flow from operations. Despite the continuing uncertainty related to the pandemic, we are confident that our portfolio of iconic brands and our focus on delivering profitable top-line growth will enable us to drive long-term value for shareholders.
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 |
| 19.96k | 2.8k | 12.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for General Mills. More…
| Operations | Investing | Financing |
| 3.12k | -235 | -3.06k |
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 |
| 31.2k | 20.72k | 17.15 |
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 |
| 6.0% | 3.3% | 17.5% |
| FCF Margin | ROE | ROA |
| 12.8% | 21.4% | 7.0% |
Share Price
On Thursday, March 23rd, GENERAL MILLS reported its third quarter earnings for fiscal year 2023. The stock opened at $81.0, up from the previous closing price of $79.9, and closed at $82.2, reflecting a 2.9% increase in value. This indicates positive investor sentiment in the company and its products. The financial performance for the quarter was strong due to the success of new product launches and the company’s focus on cost savings initiatives.
Going forward, GENERAL MILLS is looking to increase its focus on digital marketing and e-commerce, as well as expanding its international presence. As the company looks to capitalize on its strong financial results, investors are sure to keep a close eye on the stock. Live Quote…
Analysis
GoodWhale has conducted an analysis of GENERAL MILLS‘s financials, to understand the performance of the company over time. Our Star Chart classification of GENERAL MILLS as a ‘rhino’ company indicates that the company has achieved moderate revenue or earnings growth. This makes GENERAL MILLS a potential investment opportunity for those investors seeking stable returns, rather than rapid growth. We have also assessed the performance of GENERAL MILLS in several different areas. Our assessment reveals that GENERAL MILLS is strong in dividend and profitability, but weak in asset and growth. However, the company has a high health score of 8/10, meaning it is capable of safely riding out any crisis or downturn without the risk of bankruptcy. More…
Peers
JM Smucker Co, Newberry Specialty Bakers Inc, and J&J Snack Foods Corp are all companies that compete with General Mills Inc.
– JM Smucker Co ($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
Investment analysis of GENERAL MILLS for the third quarter of FY2023 shows that the company had a total revenue of USD 553.1 million, which is 16.2% less than the same quarter last year. However, its reported net income rose by 13.0%, reaching USD 5125.9 million. This indicates a strong performance by the company despite the current economic climate, and is a reassuring sign for investors. It remains to be seen whether GENERAL MILLS can continue this momentum and keep its profits in check over the coming quarters.
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