Editor's Note: General Mills held two different calls for its earnings presentation and Q&A. This transcript has been updated to reflect information from both calls.
General Mills
Q2 2023 Earnings Call
Dec 20, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Greetings, and welcome to the General Mills second quarter fiscal 2023 earnings Q&A webcast. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator instructions] As a reminder, this conference is being recorded Tuesday, December 20, 2022.
I would now like to turn the conference over to Jeff Siemon, VP of investor relations. Please go ahead.
Jeff Siemon
Good morning! This is Jeff Siemon, Vice President of Investor Relations. Thank you for listening to General Mills’ prepared remarks for our fiscal 2023 second-quarter earnings. Later this morning we will hold a separate, live question-and-answer session on today’s results, which you can hear via webcast on our investor relations website. Joining me for this morning’s presentation are Jeff Harmening, our Chairman and CEO, and Kofi Bruce, our CFO. Before I hand things over to them, let me first touch on a few items.
On our website, you will find our press release that posted this morning, along with a copy of the presentation and transcript of these remarks. Please note that today’s remarks will include forward-looking statements that are based on management’s current views and assumptions. The second slide in today’s presentation lists several factors that could cause our future results to be different than our current estimates. And with that, I will turn it over to Jeff.
Jeff Harmening
Thank you, Jeff and good morning, everyone. Let me start by summarizing today’s key messages.
Building on a good start to the year in Q1, we delivered strong results in our second quarter, including doubledigit growth in organic net sales and adjusted diluted earnings per share. We also delivered a second consecutive quarter of gross margin expansion, representing continued progress toward restoring our prepandemic margin profile.
The operating environment remains volatile. While we’ve seen some modest improvement in recent months, it is still far from pre-pandemic conditions, particularly at our up-stream suppliers. In this context, our team continues to execute well and we remain focused on advancing our Accelerate strategy and delivering on our fiscal 2023 priorities.