To The Moon

Here are the specific viewpoints from General Mills (GIS) Q3 2024 earnings call:

Bullish Points:

1. Encouraged by the third quarter results and improvement in underlying performance.

2. Competitiveness in North America retail and improvement in pet segment.

3. Benefit from lapping of pricing from last year.

4. Potential benefit from lapping the reduction in SNAP benefits.

5. Improvement in on-shelf availability.

6. Expectation of similar sales performance in the fourth quarter compared to the third.

7. Good profitability increases in pet segment with high productivity levels.

8. Reduction of disruption costs during the pandemic.

9. Positive movement in pet food, especially Life Protection Formula and Tastefuls.

10. Green shoots in pet segment indicating potential growth.

Bearish Points:

1. Trade expense benefit from the previous year impacting reported results.

2. Uncertainty in external factors and their impact on fourth quarter performance.

3. Challenges in the Wilderness product line and specific channels in pet segment.

4. Need for a couple of quarters to get Wilderness back on track.

5. Complexity in correlating improvements directly to lapping SNAP benefits due to other factors.

6. Wilderness requires more complex solutions and will take longer to address.

7. Retail sales on wet food are still down.

8. Gross margins were a bit light relative to expectations despite positive pricing and easing inflation.

9. Inventory absorption was a 70 basis-point headwind on gross margin.

10. Pressure from the consumer in China and Brazil due to economic slowdown and lapping of pricing.

For more information about General Mills (GIS)'s earnings call, you can read the relevant news: General Mills (GIS) Q3 2024 Earnings Call Transcript.