US food company, General Mills Inc. (NYSE: GIS), reported its latest financial results for second quarter of fiscal 2024 before the US open on Wednesday.

Revenue reached $5.139 billion for the quarter, falling short of analyst estimate of $5.354 billion. Revenue was down by 2% year-over-year.

Earnings per share (EPS) reported at $1.25 per share vs. $1.156 per share expected. EPS was up by 14% vs. the same period the year prior.

Company overview

• Founded: June 20, 1928
• Headquarters: Golden Valley, Minnesota, United States
• Number of employees: 32,500 (2022)
• Industry: Food processing
• Key people: Jeffrey Harmening (Chairman and CEO)

CEO commentary

“While we saw a slower-than-expected volume recovery in the second quarter amid a continued challenging consumer landscape, we generated bottom-line growth thanks primarily to strong HMM cost savings,” CEO of General Mills, Jeffrey Harmening, highlighted the challenges the company faced in the quarter.

“We’re adapting our plans to the evolving consumer environment and staying focused on driving long-term growth, with a priority on winning through innovation, brand building, and in-store execution. At the same time, we’re stepping up our HMM performance and further eliminating disruption-related costs in the supply chain. For the full year, we’ve revised our topline outlook to account for a slower volume recovery, narrowed our profit and EPS expectations within our original guidance ranges, and maintained our outlook for strong free cash flow conversion,” Harmening added.

Stock reaction

Shares of General Mills were down by around 3% on Wednesday after the latest earnings report.

Stock performance

• 1 month: -0.25%
• 3 months: -1.76%
• Year-to-date: -22.83%
• 1 year: -24.19%

General Mills stock price targets

• Piper Sandler: $76
• Evercore ISI: $72
• HSBC: $74
• Royal Bank of Canada: $76
• Morgan Stanley: $58
• Mizuho: $70
• Goldman Sachs: $61
• JP Morgan: $61
• TD Cowen: $70
• Deutsche Bank: $77
• Wells Fargo: $70

General Mills Inc. is the 487th largest company in the world with a market cap of $37.64 billion.

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Sources: General Mills Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap