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General Mills Releases Fiscal 2023 Third-Quarter Results; Jeff Harmening Comments

General Mills Releases Fiscal 2023 Third-Quarter Results; Jeff Harmening Comments

Tuesday, March 28th, 2023

Despite the volatility of the supply chain in recent years, General Mills continues to drive growth across all segments of its operations. The supplier recently released the results for its fiscal 2023 third quarter, highlighting that its net sales for the quarter increased 13 percent from the prior year to $5.1 billion.

Jeff Harmening, Chairman of the Board and Chief Executive Officer, General Mills“We built on our positive momentum and delivered strong results in the third quarter, including broad-based growth across each of our segments,” said Chairman and Chief Executive Officer Jeff Harmening. “Our team continues to manage well through ongoing supply chain disruptions and volatility in the operating environment. Our brands are winning with consumers, and we plan to sustain this momentum by continuing to invest in brand building, innovation, and capabilities that will drive future growth. With strong year-to-date performance and good visibility to the fourth quarter, we are once again raising our fiscal 2023 outlook for our key financial measures.”

In the organic segment in particular, General Mills saw a 16 percent increase in net sales for the third quarter. According to a press release, this was driven by positive organic net price realization and mix, with organic pound volume nearly matching year-ago levels.

General Mills recently highlighted in its fiscal 2023 third quarter its net sales increased 13 percent from the prior year to $5.1 billion

Other highlights from the report include:

  • Gross margin was up 160 basis points to 32.5 percent of net sales
  • Operating profit of $730 million was down 10 percent
  • Net earnings attributable to General Mills declined 16 percent to $553 million
  • Diluted EPS was down 15 percent to $0.92

For more highlights from the report, check out the press release here.

Stay tuned as we continue to cover the industry’s latest.

General Mills