General Mills raises FY23 adjusted EPS view to up 8%-9% from up 7%-8%

Consensus $4.19. Raises FY23 organic net sales view to up 10%-11% from up 10%. Free cash flow conversion is still expected to be at least 90 percent of adjusted after-tax earnings. The company said, "General Mills continues to expect the largest factors impacting its performance in fiscal 2023 will be the economic health of consumers, the inflationary cost environment, and the frequency and severity of disruptions in the supply chain. For the full year, the company continues to expect input cost inflation of 14 to 15 percent of total cost of goods sold, HMM cost savings of 3 to 4 percent of cost of goods sold, moderately lower supply chain disruptions compared to the prior year, and increased investment in brand building and other growth-driving activities."