general mills earnings 2020

Net earnings attributable to the company rose 69% to $580.8 million in the second quarter ended Nov. 24, as it recorded impairment and restructuring costs of $209.4 million … Through nine months, Europe & Australia net sales decreased 6 percent to $1.31 billion, including 3 points of unfavorable foreign currency exchange. 25.06.2020 - General Mills, Inc. (NYSE: GIS) previously announced its plans to report results for its fiscal 2020 fourth quarter and full year on Wednesday, July 1, 2020. Dec 14, 2020 8:11AM EST General Mills, Inc. GIS is likely to post an increase in the top … Earnings General Mills (GIS) earnings Q2 2020. Cash Flow from changes in current assets and liabilities: Changes in current assets and liabilities, GENERAL MILLS, INC. AND SUBSIDIARIES General Mills is slated to report first quarter 2020 earnings results on Wednesday, September 18, before the opening bell.The Street expects earnings to grow 8.5% to $0.77 per share. Third-quarter net sales for the Pet segment increased 11 percent to $384 million, driven by positive contributions from volume growth and positive net price realization and mix. You can access the webcast at www.generalmills.com/investors. 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. (g) See reconciliation of adjusted effective income tax rate below for tax impact of each adjustment. Currency translation is expected to have an immaterial impact on fiscal 2020 adjusted operating profit and adjusted diluted EPS. 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 … Segment operating profit of $298 million was down 2 percent, primarily driven by lower net sales. Net earnings attributable to General Mills totaled $1.6 billion. The effective tax rate in the quarter was 20.7 percent compared to 17.7 percent last year (please see Note 6 below for more information on our effective tax rate). 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. 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. Net Sales NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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. Our fiscal 2020 outlook for organic net sales growth also excludes the effect of a 53rd week, acquisitions, and divestitures. This measure is used in reporting to our Board of Directors and executive management and as a component of the Board of Directors’ measurement of our performance for incentive compensation purposes. Third-quarter net sales for the Convenience Stores & Foodservice segment declined 2 percent to $465 million, driven by declines on non-Focus 6 products including flour and mixes, partially offset by low-single digit growth for the Focus 6 platforms including cereal, frozen baked goods, and yogurt. 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 most significant element of uncertainty in the company’s full-year outlook is the intensity and duration of increased demand for food at home across all its major markets. as Reported, Percentage Change in 1-800-245-5703 or WASHINGTON (dpa-AFX) - Below are the earnings highlights for General Mills (GIS):-Earnings: $454.1 million in Q3 vs. $446.8 million in the same period last year. Segment operating profit as a % of net sales: Prepaid expenses and other current assets, Common stock, 754.6 shares issued, $0.10 par value, Common stock in treasury, at cost, shares of 148.8, 156.0 and 152.7. 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. The price to earnings ratio is calculated by taking the latest closing price and dividing it by the most recent earnings per share (EPS) number. Revenue is estimated to be $4.08 billion. Analysts were looking for EPS of 87 cents on revenue of $4.2 billion. Organic net sales were down 1 percent, with declines in Asia partially offset by growth in Latin America. Acquisition transaction and integration costs. For the fourth quarter of fiscal 2020, General Mills expects to see a step up in organic net sales growth, driven in part by an extra month of results for the Pet segment as the company aligns that business to the General Mills fiscal year end. ¹ Please see Note 7 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Combined after-tax earnings from joint ventures were $11 million compared to $12 million last year. 763-764-2301. General Mills Reports Fiscal 2020 Third-Quarter Results and Updates Full-Year Guidance, https://www.businesswire.com/news/home/20200318005276/en/. (f) The CPW restructuring charges are related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019. 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. Segment operating profit increased 29 percent to $94 million, driven primarily by higher net sales, partially offset by higher media expense. Over the last four quarters, the company has surpassed consensus EPS estimates four times. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: the impact of the coronavirus (COVID-19) outbreak on our business, suppliers, consumers, customers, and employees; disruptions or inefficiencies in the supply chain, including any impact of the coronavirus (COVID-19) outbreak; competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets, including our acquisition of Blue Buffalo and issues in the integration of Blue Buffalo and retention of key management and employees; unfavorable reaction to our acquisition of Blue Buffalo by customers, competitors, suppliers, and employees; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, and energy; effectiveness of restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. You must click the link in the email to activate your subscription. Current and historical p/e ratio for General Mills (GIS) from 2006 to 2020. General Mills, Inc. GIS released robust first-quarter fiscal 2021 results, wherein both top and bottom lines surged year over year and beat the Zacks Consensus Estimate. A reconciliation of these measures to reported net sales growth rates, the relevant GAAP measures, are included in our Operating Segment Results above. We recorded a $9 million net increase in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in the third quarter of fiscal 2020 compared to a $6 million net decrease in expense in the same period last year. General Mills' costs were held in check. 763-764-3202, Analysts/Investors: Operating Segment Results and Supplementary Information. To receive notifications via email, enter your email address and select at least one subscription below. We performed a comprehensive review of our lease portfolio, implemented lease accounting software, and developed a centralized business process with corresponding controls. Our adjusted operating profit growth on a constant-currency basis is calculated as follows: Adjusted operating profit growth, on a constant-currency basis. After submitting your information, you will receive an email. Canada operating unit net sales were up 6 percent as reported and up 5 percent in constant currency. General Mills (GIS) said it earned an adjusted $1 a share, on revenue that rose 9% year over year to $4.36 billion. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure. 763-764-2301. 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. Net sales were down 2 percent in the U.S. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Operating Profit Through nine months, after-tax earnings from joint ventures totaled $58 million compared to $52 million a year ago, driven primarily by General Mills’ share of lower restructuring charges at CPW. We also recorded $6 million of integration costs in the third quarter of fiscal 2019 related to the acquisition of Blue Buffalo. We recorded $7 million of net losses related to certain investment valuation adjustments and the loss on sale of certain corporate investments in the nine-month period ended February 23, 2020, compared to $13 million of gains in the same period last year. Do the numbers hold clues to what lies ahead for the stock? Operating Profit as General Mills Fiscal 2020 Q3 Earnings Press Release. “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. After submitting your information, you will receive an email. General Mills to Webcast Fiscal 2021 First Quarter Earnings Results on September 23, 2020. This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheets. 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