• General Mills Q1 Non-GAAP EPS of $1.11beats by $0.11.
• Revenue of $4.72B (+4.0% Y/Y) in-line.
• FY2023 Outlook: Organic net sales are now expected to increase 6% to 7%, compared to the previous expectation of 4% to 5% growth.
• Constant-currency adjusted operating profit is now expected to range between flat and up 3% in constant currency, including a 3-point net headwind from divestitures and acquisitions and an estimated 1-point headwind from the ice cream recall. Adjusted operating profit was previously expected to range between down 2% and up 1% in constant currency, including the 3-point net headwind from divestitures and acquisitions.
• Constant-currency adjusted diluted EPS is now expected to increase 2% to 5% in constant currency, including a 3-point net headwind from divestitures and acquisitions and an estimated 1-point headwind from the ice cream recall. Adjusted diluted EPS was previously expected to range between flat and up 3% in constant currency, including the 3-point net headwind from divestitures and acquisitions.
• Free cash flow conversion is still expected to be at least 90% of adjusted after-tax earnings.
• The net impact of divestitures, acquisitions, and foreign currency exchange is now expected to reduce full-year reported net sales growth by approximately 4 percent, and foreign currency exchange is still expected to reduce adjusted operating profit and adjusted diluted EPS growth by approximately 1%.