General Mills, Inc. (NYSE:GIS) shares are trading higher after the company raised its full-year 2023 guidance.
What Happened? On Tuesday morning, General Mills highlighted its strong results driven by the successful implementation of its Accelerate strategy, providing improved guidance for 2023.
The company said it expects organic net sales growth of approximately 10%, adjusted operating profit growth of 6%-7% on a constant currency basis and adjusted diluted EPS growth of 7%-8%.
General Mills attributed the increased guidance to its Accelerate strategy, a strategic maneuver to prioritize company resources in order to drive top-tier shareholder returns and profitable growth. The company expects this initiative to create long-term shareholder value through consistent net sales growth, margin expansion, cash conversion and a cash return to shareholders.
General Mills is a global packaged food company, guided by its strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale and standing for good. Nature Valley, Cheerios, Old El Paso, Yoplait, Pillsbury, Betty Crocker, BLUE, and Haagen-Dazs are its largest brands.
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According to data from Benzinga Pro, General Mills shares were up 5.25%, trading at $80.81 at the time of publication. The stock has a 52-week high of $88.34 and a 52-week low of $61.67.
Photo: courtesy of General Mills.
