4Q First Impressions

研报英文原文证据摘录

4Q First Impressions

Food: Food Producers

General Mills

TD SECURITIES (USA) LLC QUICK TAKE: EARNINGS UPDATE

July 1, 2026

Price: $34.80 (06/30/2026) 4Q First Impressions

Price Target: $31.00

HOLD (2)

Robert Moskow THE TD COWEN INSIGHT

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General Mills' 4Q results were in-line with internal expectations but beat consensus, perhaps

robert.moskow@tdsecurities.com

from the 53rd week. FY27 guide for $3.00-$3.20 EPS is in-line with consensus, and we

Sergio Matsumoto suspect better than buy-side expectations. However, questions will remain about the future

646 562 1339 given guidance for another year of organic growth declines and another $1B restructuring

sergio.matsumoto@tdsecurities.com

announcement to align with weaker volume.

Jacob Henry, CFA

646 562 1380 FY27 Guidance:

jacob.henry@tdsecurities.com

■Organic sales growth: down 1.5% to down 0.5% vs consensus +0.2%

Victor Ma

■Adj EBIT growth: down 13% to down 8% vs consensus -7.1%

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victor.ma2@tdsecurities.com ❍Implied range of $2.45B to $2.59B vs consensus $2.55B

Seamus Cassidy ❍Equates to down 4% to up 1% ex mechanical factors

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seamus.cassidy@tdsecurities.com ■Adj EPS growth: down 15% to down 10% vs consensus -8.2%

❍Range of $3.00 to $3.20 vs our $2.90 and consensus $3.11

Key Data

Symbol NYSE: GIS ❍Equates to down 5% to flat ex mechanical factors

Market Cap $18.6B

■Announced 2030 cumulative cost savings target of $3B with $2B from normal HMM

productivity and $1B from Global Transformation initiatives to "optimize" the supply chain.

■FY27 $750M cost savings (~6% of COGS) inclusive of 4-5% HMM savings and certain supply

chain projects

■Mechanical factors: ~9 point headwind on operating profit and 11 points on EPS in fiscal