General Mills Affirms FY18 Targets; Q2 Adj. EPS To Be Below Year-ago Level

(RTTNews) - General Mills (GIS) reaffirmed its key financial targets for the fiscal year ending May 27, 2018. Organic net sales are expected to decline between 1 and 2 percent from 2017 levels. Fiscal 2018 adjusted earnings per share are expected to increase between 1 and 2 percent in constant currency.

Fiscal 2018 total segment operating profit in constant currency is expected to range between flat and up 1 percent, and adjusted operating profit margin is expected to increase over year-ago levels.

For second-quarter, the company expects significant improvement in organic net sales trends compared to first-quarter results. Constant-currency segment operating profit and adjusted EPS are expected to be below year-ago levels, though the rate of decline is expected to be less than in the first quarter of 2018. Second-quarter adjusted gross margin and adjusted operating profit margin are expected to be below last year.