By Dave Sebastian
General Mills Inc. said it expects its organic net sales and adjusted earnings for fiscal 2022 to be at the higher end of their prior guidance ranges amid the evolving operating environment and after its acquisition of Tyson Foods Inc.'s pet-treats portfolio.
The food maker behind Cheerios, Haagen-Dazs and Betty Crocker said Wednesday it expects organic net sales to be toward the higher end of its prior range of a 1% to 3% decline, primarily reflecting stronger-than-expected sales in the fiscal first quarter.
The company said it expects constant-currency adjusted per-share earnings of flat to down 2% due to the effect of the pet-treats acquisition, which is estimated to add about two cents a share.
General Mills said it still expects free cash-flow conversion to be about 95% of adjusted aftertax earnings.
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(END) Dow Jones Newswires
September 08, 2021 08:09 ET (12:09 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.