Tiger Brokers

通用磨坊(GIS)Q1营收同比降3%至44亿 调整后毛利率下滑90bp

金吾财讯
Sep 23

金吾财讯 | 通用磨坊（GIS）公布2027财年第一财季业绩，整体表现好于市场悲观预期，同时上调2027财年盈利指引至略高于市场一致预期。不过受原材料成本走高、销量下滑拖累企业利润。该财季公司营收同比下滑3%至44亿美元，超出市场预期5000万美元，营收下滑主要来自酸奶业务剥离的影响；有机销售额同比持平。公司整体毛利率维持33.9%不变，但调整后毛利率回落90个基点至33.3%。分业务板块来看，北美零售业务营收下滑7%，其中包含酸奶业务剥离带来的负面影响；宠物食品业务营收持平，北美餐饮渠道营收增长1%；国际业务营收增长4%，其中外汇因素贡献1个百分点，印度与中国市场实现增长。公司重申2026财年业绩目标：假设其“综合利润率管理”增效计划至少实现7.5亿美元成本节约，同时考虑财年周数基数效应、企业激励费用回归正常水平、过往资产剥离带来约9个百分点营业利润、11个百分点每股收益的负面扰动。目标区间为有机净销售额同比-1.5%至+0.5%，调整后营业利润同比下滑8%-13%，自由现金流转化率约为调整后税后利润的95%。另外，2026财年调整后每股收益预期为3.00-3.20美元，中值3.10美元，高于市场预期的3.07美元。

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