RTTNews | Sep 8, 2021 07:58AM EDT

07:58 Wednesday, September 8, 2021 (RTTNews.com) - Ahead of its participation at the 2021 Barclays Global Consumer Staples Conference later on Wednesday, food company General Mills (GIS) updated its full-year financial outlook for fiscal 2022, based on the evolving operating environment as well as the recent completion of its pet treats acquisition.

For fiscal 2022, the company now projects organic net sales to be toward the higher end of the prior range of down 1 to 3 percent, primarily reflecting stronger-than-expected sales performance in the first quarter.

Constant-currency adjusted earnings per share is now expected to be toward the higher end of the prior ranges of flat to down 2 percent, respectively, largely due to the impact of the recent pet treats acquisition, which is estimated to add approximately 2 cents to fiscal 2022 adjusted earnings per share. The company is addressing the increasing cost environment with incremental SRM and cost efficiency actions.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.73 per share on revenues of $17.85 billion for the year. Analysts' estimates typically exclude special items.

The company noted that the above targets exclude the impact of the European Yoplait divestiture, which is scheduled to close by the end of the calendar year.

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