Profit on a Constant- See accompanying notes to consolidated financial statements. You can sign up for additional subscriptions at any time. This measure is used in reporting to our executive management and as a component of the Board of Directors’ measurement of our performance for incentive compensation purposes. Share; Tweet; 0. Net sales performance was led by double-digit growth on BLUE’s two largest product lines: Life Protection Formula and Wilderness. Total Segment Operating Adjusted comparisons as a % of net sales (a): May 31, 2020 May 26, 2019 Basis Pt Change. General Mills Fiscal 2020 Q3 Earnings Press Release (opens in new window) PDF 357 KB Q3 Presentation (opens in new window) PDF 1.85 MB. We believe that this measure provides useful information to investors because it is the operating profit measure we use to evaluate operating profit performance on a comparable year-to-year basis. (d) The CPW restructuring charges are related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019. Consolidated Statements of Earnings and Supplementary Information, (Unaudited) (In Millions, Except per Share Data), Selling, general, and administrative expenses, Restructuring, impairment, and other exit costs, Earnings before income taxes and after-tax earnings from joint ventures, Net earnings, including earnings attributable to redeemable and noncontrolling interests, Net earnings attributable to redeemable and noncontrolling interests, Net earnings attributable to General Mills, Comparisons as a % of net sales excluding. 19.11.2020 - General Mills, Inc. (NYSE: GIS) plans to report results for its fiscal 2021 second quarter on December 17, 2020. Our fiscal 2020 outlook for organic net sales growth, adjusted operating profit, and adjusted diluted EPS are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate fluctuations, restructuring charges and project-related costs, acquisition transaction and integration costs, and mark-to-market effects. General Mills has laid out a framework to drive growth in fiscal year 2020 and this plan includes driving innovation and improving marketing and in-store execution. Net sales declines in Yoplait yogurt and Häagen-Dazs ice cream were partially offset by growth for Nature Valley and Fibre One snack bars and Old El Paso Mexican food. General Mills (GIS) delivered earnings and revenue surprises of 9.28% and 1.03%, respectively, for the quarter ended November 2020. Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. During the second quarter of fiscal 2019, we recorded a $13 million charge in restructuring, impairment, and other exit costs related to the impairment of certain manufacturing assets within our North America Retail segment. The third-quarter adjusted effective tax rate was 21.0 percent compared to 19.9 percent a year ago, primarily driven by discrete tax benefits in the prior year. Organic net sales were down 1 percent. To receive notifications via email, enter your … Restructuring and impairment charges and project-related costs are recorded in our Consolidated Statements of Earnings as follows: Total restructuring and impairment charges, Project-related costs classified in cost of sales. Investor contact. Segment operating profit of $81 million was flat as reported and was up 3 percent in constant currency, reflecting lower SG&A expenses and favorable net price realization and mix, partially offset by lower volume and higher input costs. After submitting your information, you will receive an email. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances. Other Developments & Outlook Constant … The effective tax rate for the third quarter of fiscal 2020 was 20.7 percent compared to 17.7 percent for the third quarter of fiscal 2019. Net Sales on Constant- 763-764-2301. General Mills (NYSE: GIS): Operating profit increased 10 percent; constant-currency adjusted operating profit¹ increased 7 percent Diluted earnings per share (EPS) totaled $0.85, up 31 percent from the prior year; adjusted diluted EPS of $0.79 increased 13 percent in constant currency Net sales decreased 2 percent to $4.0 billion; organic net sales were down 1 percent Company reaffirmed its full-year fiscal … View source version on businesswire.com: These 2 Nasdaq Stocks Turned $200,000 Into $1 Million in 2020 -- and They're Climbing Again in 2021 Jan 8, 2021 The adjustments are either items resulting from infrequently occurring events or items that, in management’s judgment, significantly affect the year-to-year assessment of operating results. General Mills to Webcast Fiscal 2021 First Quarter Earnings Results on September 23, 2020 September 02, 2020 MINNEAPOLIS-- (BUSINESS WIRE)-- General Mills, Inc. (NYSE: GIS) plans to report results for its fiscal 2021 first quarter on September 23, 2020. The new standard also simplifies the application of hedge accounting guidance. General Shareholder Information: General Shareholder Information: Investor Relations Department 1-800-245-5703 or 763-764-3202. General Mills Earnings Second Quarter Fiscal 2020 December 18, 2019. General Mills' costs were held in check. General Mills (NYSE: GIS) today reported results for the third quarter ended February 23, 2020. Our fiscal 2020 outlook for organic net sales growth also excludes the effect of a 53rd week, acquisitions, and divestitures. Fourth-quarter reported net sales will also benefit from a 53rd week. Average diluted shares outstanding through nine months increased 1 percent to 612 million. General Mills Reports Fiscal 2020 Third-Quarter Results and Updates Full-Year Guidance, https://www.businesswire.com/news/home/20200318005276/en/. Total Segment Currency translation is expected to have an immaterial impact on fiscal 2020 adjusted operating profit and adjusted diluted EPS. Segment operating profit of $256 million was up 62 percent, driven primarily by a $53 million one-time purchase accounting inventory adjustment in the year-ago period, as well as favorable net price realization and mix. In addition, we recorded $21 million of integration costs related to the acquisition of Blue Buffalo, $3 million loss related to the impact of hyperinflationary accounting for our Argentina subsidiary, and a $16 million legal recovery related to our Yoplait SAS subsidiary in the nine-month period ended February 24, 2019. We believe that these constant-currency measures provide useful information to investors because they provide transparency to underlying performance by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given volatility in foreign currency exchange markets. Earnings General Mills (GIS) earnings Q2 2020. The company reduced debt by $862 million and paid $895 million of dividends in the first nine months of the year. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-to-year basis. General Mills (GIS) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.75 per share. Net sales declines in yogurt and ice cream were partially offset by growth for snack bars and Mexican food. Third-quarter segment net sales growth included a 5-point headwind from lower Häagen-Dazs ice cream net sales in Asia in February, driven by the impact of the COVID-19 virus outbreak on consumer traffic in Häagen-Dazs shops and foodservice outlets. During the third quarter of fiscal 2019, we sold our La Salteña fresh pasta and refrigerated dough business in Argentina and recorded a pre-tax loss of $35 million. Certain measures in this release are presented excluding the impact of foreign currency exchange (constant-currency). Third-quarter net sales for Cereal Partners Worldwide (CPW) increased 1 percent in constant currency, and constant-currency net sales for Häagen-Dazs Japan (HDJ) were down 5 percent. as Reported, Percentage Change in Operating You can access the webcast at www.generalmills.com/investors. In the nine-month period ended February 23, 2020, we did not undertake any new restructuring actions. “We began fiscal 2020 with three key priorities: accelerate our organic sales growth, maintain our strong margins, and reduce our leverage,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. Organic net sales were down 1 percent, with declines in Asia partially offset by growth in Latin America. Cash Flow from changes in current assets and liabilities: Changes in current assets and liabilities, GENERAL MILLS, INC. AND SUBSIDIARIES Segment operating profit of $298 million was down 2 percent, primarily driven by lower net sales. Segment operating profit of $43 million was down 14 percent as reported and down 13 percent in constant currency, driven by higher input costs and the impact of lower contributions from ice cream net sales in Asia in February, partially offset by favorable net price realization and mix and lower SG&A expenses. Note: Table may not foot due to rounding. The effective tax rate for the nine-month period ended February 23, 2020, was 18.3 percent compared to 21.4 percent for the same period last year. WASHINGTON (dpa-AFX) - General Mills (GIS) reported earnings for its second quarter that climbed from the same period last year. 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. The company’s current outlook incorporates increased orders from retail customers in North America and Europe subsequent to the end of the third quarter in response to increased consumer demand for food at home, as well as headwinds in Häagen-Dazs shops and other foodservice channels resulting from lower consumer traffic. We believe that these measures provide useful information to investors because they are important for assessing these measures on a comparable year-to-year basis. The 3.1 percentage point decrease was primarily due to a $53 million net benefit related to the reorganization of certain wholly owned subsidiaries in fiscal 2020 and changes in earnings mix jurisdiction, partially offset by certain discrete tax benefits in fiscal 2019. To present this information, current period results for entities reporting in currencies other than United States dollars are translated into United States dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year. Segment operating profit of $92 million was down 5 percent, primarily driven by higher input costs. The unavailable information could have a significant impact on our fiscal 2020 GAAP financial results. Through nine months, Convenience Stores & Foodservice net sales decreased 2 percent to $1.42 billion, due primarily to lower bakery flour volume and unfavorable index pricing, partially offset by low-single digit growth for the Focus 6 platforms. Constant-currency total segment operating profit growth is calculated as follows: Percentage Change in General Mills generated $1,426.8 million as net cash from operating activities in six months ended Nov 29, 2020. Diluted EPS of $2.54 was 30 percent above prior-year levels. Capital investments totaled $269 million. By Forex News December 18, 2019 98 views. The reconciliation of our GAAP measure, diluted EPS, to adjusted diluted EPS and the related constant-currency growth rate follows: Adjusted diluted earnings per share growth, on a constant-currency basis. Do the numbers hold clues to what lies ahead for the stock? The second topic I want to address is the impact the COVID-19 pandemic has had on our employees and our communities. Vice President Investor Relations NOTES TO CONSOLIDATED FINANCIAL STATEMENTS A shopper chooses a bag of Blue Buffalo dog food in a pet food store in New York. General Mills (NYSE:GIS) Earnings Information General Mills last posted its earnings results … Organic net sales essentially matched year-ago results, with growth in Latin America offset by declines in Asia. Excluding mark-to-market valuation effects and other items affecting comparability, unallocated corporate items totaled $73 million net expense this year compared to $65 million net expense last year. Net earnings attributable to General Mills totaled $1.6 billion. General Mills EPS for the twelve months ending November 30, 2020 was $3.90, a 12.07% … General Mills Earnings in 3 Charts The snack and cereal giant is still seeing a big COVID-19 lift. We stand united against acts of racism and are committed to humbly learning and finding authentic ways to be a part of the solution. The PE ratio is a simple way to assess whether a stock is over or under valued and is the most widely used valuation measure. We recorded a $1 million net increase in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in the nine-month period ended February 23, 2020, compared to a $36 million net increase in expense in the same period last year. Our adjusted effective tax rate was 21.0 percent in the third quarter of fiscal 2020 compared to 19.9 percent in the third quarter of fiscal 2019 (see Note 7 below for a description of our use of measures not defined by GAAP). You must click the link in the email to activate your subscription. Meals & Baking operating unit and down 1 percent each in U.S. Cereal, U.S. Snacks, and U.S. Yogurt. Through nine months, Asia & Latin America net sales declined 6 percent to $1.18 billion, driven by a 4-point headwind from divestitures executed in fiscal 2019 and 2 points of unfavorable foreign currency exchange. Adjusted diluted EPS of $2.51 was … Over the last four quarters, the company has surpassed consensus EPS estimates four times. Third-quarter net sales for General Mills’ North America Retail segment totaled $2.50 billion, down 1 percent from the prior year. All-channel retail sales were up double digits in the first nine months of the year. Cash provided by operating activities totaled $2.16 billion through nine months of fiscal 2020, up 7 percent from the prior year, primarily driven by higher net earnings, partially offset by changes in non-cash restructuring, impairment, and other exit costs and deferred income taxes. Investor Relations Department In the first quarter of fiscal 2020, we adopted new accounting requirements for hedge accounting. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure. We believe that this measure of our Canada operating unit net sales provides useful information to investors because it provides transparency to the underlying performance for the Canada operating unit within our North America Retail segment by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. Organic net sales decreased 3 percent, with lower contributions from organic volume partially offset by positive organic net price realization and mix. General Mills to Webcast Fiscal 2021 First Quarter Earnings Results on September 23, 2020. Segment operating profit of $22 million was down 9 percent as reported and down 11 percent in constant currency, driven primarily by higher input costs, partially offset by lower SG&A expenses. General Mills Fiscal 2020 Q3 Earnings Press Release. See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affecting comparability. General Mills, Inc. – Fiscal 2020 Fourth Quarter Earnings Results, June 30, 2020 actions. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate segment performance. Segment operating profit of $8 million was down $11 million in the quarter, driven by higher SG&A expenses and lower ice cream net sales in Asia in February, partially offset by higher net sales in Latin America. Canada operating unit net sales were up 6 percent as reported and up 5 percent in constant currency. Unallocated corporate items totaled $92 million net expense in the third quarter of fiscal 2020 compared to $49 million net expense a year ago. Unallocated corporate expense totaled $275 million in the nine-month period ended February 23, 2020, compared to $239 million in the same period last year. Operating Profit as Vice President Investor Relations This measure is used in reporting to our Board of Directors and executive management and as a component of the measurement of our performance for incentive compensation purposes. In the first quarter of fiscal 2020, we adopted new requirements for the accounting, presentation and classification of leases. Here's How General Mills (GIS) Looks Ahead of Q2 Earnings Zacks Equity Research December 14, 2020 CHD Quick Quote CHD GIS Quick Quote GIS MKC Quick Quote MKC KHC Quick Quote KHC Also, certain measures in this release are presented on an adjusted basis. -EPS: $0.74 in Q3 vs. $0.74 Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2020 net sales of U.S. $17.6 billion. Note: Tables may not foot due to rounding. 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