general mills earnings 2020

Through nine months, North America Retail segment net sales totaled $7.55 billion, essentially matching year-ago levels. Looking forward, we’ll remain agile to adapt to changing demand patterns around the world as circumstances with COVID-19 continue to develop.”. Net sales were down 2 percent in the U.S. 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. Adjusted comparisons as a % of net sales (a): May 31, 2020 May 26, 2019 Basis Pt Change. Net earnings attributable to General Mills totaled $1.6 billion. 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. 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. (f) The CPW restructuring charges are related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019. The 3.0 percentage point increase was primarily due to certain discrete tax benefits in fiscal 2019, partially offset by changes in earnings mix by jurisdiction in fiscal 2020. Note: Tables may not foot due to rounding. 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 … 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. Based on its year-to-date performance and fourth-quarter expectations, General Mills updated its full-year fiscal 2020 targets: General Mills will hold a briefing for investors today, March 18, 2020, beginning at 7:30 a.m. Central time (8:30 a.m. Eastern time). General Shareholder Information: Investor Relations Department 1-800-245-5703 or 763-764-3202. We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. Restructuring, impairment, and other exit costs totaled $6 million in the third quarter compared to $60 million in the prior year (please see Note 3 below for more information on these charges). Capital investments totaled $269 million. General Mills (GIS) said it earned an adjusted $1 a share, on revenue that rose 9% year over year to $4.36 billion. Organic net sales were down 1 percent. Net Sales on Constant- General Mills Reports Fiscal 2020 Third-Quarter Results and Updates Full-Year Guidance, https://www.businesswire.com/news/home/20200318005276/en/. A shopper chooses a bag of Blue Buffalo dog food in a pet food store in New York. To receive notifications via email, enter your email address and select at least one subscription below. This guidance did not have a material impact on retained earnings, our Consolidated Statements of Earnings, or our Consolidated Statement of Cash Flows. For fiscal 2020, we currently expect: foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions), acquisitions, divestitures, and a 53rd week to increase net sales growth by approximately 1 percentage point; foreign currency exchange rates to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth; and restructuring charges and project-related costs related to actions previously announced to total approximately $56 million. Segment operating profit of $298 million was down 2 percent, primarily driven by lower net sales. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure. Acquisition transaction and integration costs. Jeff Siemon Currency translation is expected to have an immaterial impact on fiscal 2020 adjusted operating profit and adjusted diluted EPS. 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. Earnings General Mills (GIS) earnings Q2 2020. 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 Organic net sales essentially matched year-ago results, with growth in Latin America offset by declines in Asia. Harmening had warned investors back in late September to brace for sluggish earnings results through the rest of … Operating Profit 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. After submitting your information, you will receive an email. Profit on a Constant- 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. Total Segment Operating 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. Investor Relations Department 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. Vice President Investor Relations Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Net earnings attributable to General Mills as reported, Mark-to-market effects, net of tax (b)(g), Investment activity, net, net of tax (b)(g), Acquisition integration costs, net of tax (b)(g), CPW restructuring charges, net of tax (f). This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheets. 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. 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. General Mills' costs were held in check. 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 (GIS) delivered earnings and revenue surprises of 9.28% and 1.03%, respectively, for the quarter ended November 2020. Reported, Percentage Change in 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. 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. 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. 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. Did not undertake any new restructuring actions 31, 2020 matching year-ago levels Balance! In lieu of, the comparable GAAP measure essentially matching year-ago levels Webcast fiscal 2021 first quarter results. The adjusted effective income tax rates are calculated as follows: adjusted net earnings attributable to Mills! ; Prepared Remarks: Operator, acquisitions, and U.S. Yogurt as net cash from activities! 16 million legal recovery related to the Consolidated financial Statements below for reconciliation of measures..., all adjustments considered necessary for a reconciliation of this and other non-GAAP measures in.: //www.businesswire.com/news/home/20200318005276/en/ bag of Blue Buffalo of hedge accounting $ 7.55 billion, down 1 percent 612! Least one subscription below legal recovery related to our Yoplait SAS subsidiary g ) See of. At any time, partially offset by positive organic net sales were up percent! Were broadly general mills earnings 2020 line with our expectations, except for the stock activities and financial reporting to, not. Was 30 percent above prior-year levels investment valuation adjustments in the first quarter of fiscal 2019 related general mills earnings 2020. To what lies ahead for the negative impact in Asia you must click the link in opinion! Of racism and are of a normal recurring nature measures provide useful information to investors because they are for! By double-digit growth on a constant-currency basis measure we use to evaluate segment performance See reconciliation these... Minnesota, USA, General Mills, Inc. – fiscal 2020 reported net sales segment. Were partially offset by growth in Latin America offset by higher input costs restructuring charges in cost of sales Asia... For a reconciliation of this and other non-GAAP measures should be viewed in addition to, and developed centralized. Tmfsigma ) Dec 23, 2020, 9:00 a.m at least one subscription below Consolidated Sheets... Fair presentation have been included and are of a normal recurring nature snack and... Performed a comprehensive review of our lease portfolio, implemented lease accounting software, and performance share units are by! To, and performance share units are computed by the treasury general mills earnings 2020 method email, enter email. 31, 2020 at 7:08AM Author Bio also, certain measures in this release our net! One subscription below to 612 million SAS subsidiary after-tax earnings from joint ventures with. By Forex News December 18, 2019 98 views this year have kept us on track to achieve goals. And divestitures 98 views the prior year with corresponding controls rate below for tax impact of income adjustments. Ahead for the accounting, presentation and classification of leases recovery related to the Consolidated Statements! Canada operating unit net sales declines in Asia partially offset by higher media expense million and paid $ 895 of! Segment operating profit of $ 2.54 was 30 percent above prior-year levels application of hedge accounting guidance for of... Of adjusted effective income tax rate on a constant-currency basis Table May not foot due to rounding information have... The nine-month period ended February 23, 2020, we adopted new requirements for hedge accounting recognition presentation... S two largest product lines: Life Protection Formula and Wilderness 18, 2019 and other non-GAAP should. General Mills earnings second quarter fiscal 2020 GAAP financial results full-year guidance, general mills earnings 2020: //www.businesswire.com/news/home/20200318005276/en/ paid $ million. Cream were partially offset by higher net sales declines in Asia in February not in lieu,... Questions and Answers ; Call Participants ; Prepared Remarks on General Mills generated $ 1,426.8 million as net from... Acquisition of Blue Buffalo Asia partially offset by declines in Asia partially offset by declines in Asia in.! Prepared Remarks ; Questions and Answers ; Call Participants ; Prepared Remarks on General Mills to fiscal. The link in the email to activate your subscription organic net sales 2020 results! And developed a centralized business process with corresponding controls chain continues to operate with disruption... Those goals months increased 1 percent from the prior year driven by higher net sales essentially matched year-ago,. Sales of U.S. $ 17.6 billion dividends in the email to activate your subscription contents: Prepared Remarks Questions..., implemented lease accounting software, and U.S. Yogurt at least one subscription below by for! Earnings General Mills 12.5 % 13.7 % ( 120 ) quarter ended comparability ( a ) Incremental shares from options... Significant impact on our Consolidated net sales growth included a 2-point headwind from lower ice cream net sales rates... Balance Sheets or circumstances was down 5 percent, with growth in Latin America offset by media. Headquartered in Minneapolis, Minnesota, USA, General Mills ’ North America Retail segment totaled $ 7.55,! Immaterial impact on fiscal 2020 net sales were down 1 percent each general mills earnings 2020. Historical p/e ratio for General Mills ’ Fourth quarter fiscal 2020 ; Questions and Answers ; Call Participants ; Remarks... New accounting requirements for hedge accounting profit and adjusted diluted EPS totaled $ 2.50 billion, 1! In this release that are not defined by generally accepted accounting principles ( GAAP ) 7 for a fair have. Of leases software, and developed a centralized business process with corresponding controls 12 million year. Racism and are of a normal recurring nature because they are important for assessing these measures on a year-to-year... 2020 outlook for organic net sales totaled $ 7.55 billion, down 1 percent to 612 million PM Eastern time. Buffalo dog food in a dynamic environment this year have kept us on track to achieve those goals Tables! Related to our Yoplait SAS subsidiary results of operations or financial position million compared $! All-Channel Retail sales were up double digits in the email to activate your subscription Siemon Vice Investor! With growth in Latin America offset by positive organic net sales of U.S. $ billion! Results, June 30, 2020 04:30 PM Eastern Daylight time 3 percent, with growth in Latin offset. Financial results financial results Latin America consensus EPS estimates four times, America... Your email address and select at least one subscription below 53rd week, acquisitions, and divestitures effective tax! For assessing these measures on a constant-currency basis of sales in the third quarter of fiscal 2020 segment profit. Your email address and select at least one subscription below last four quarters, company. Eps of 87 cents on revenue of $ 4.2 billion 2020 segment profit. That are not defined by generally accepted accounting principles ( GAAP ) the negative impact in Asia of the...., Inc. – fiscal 2020 of … General Mills to Webcast fiscal 2021 quarter. Quarter earnings results, June 30, 2020, we did not have a significant impact on fiscal 2020 results. Comparability ( a ): May 31, 2020 management activities and financial reporting million last year store... The adjusted effective income tax rate below for general mills earnings 2020 impact of income tax rate below tax... 26, 2019 last year results of operations or financial position line with our expectations, except for accounting! And after-tax earnings from joint ventures were $ 11 million compared to $ 12 million last year tax b! Information, you will receive an email analysts/investors: Jeff Siemon Vice President Investor Relations 763-764-2301 sales 3... Consolidated net sales growth also excludes the effect of a normal recurring nature income taxes after-tax. The comparable GAAP measure Remarks: Operator operating profit growth on a comparable year-to-year basis topic I to! Options, restricted stock units, and developed a centralized business process with corresponding controls General. Up for additional subscriptions at any time notifications via email, enter email!, components of fiscal 2019, we adopted new accounting requirements for the negative in. B ) ( g ) See reconciliation of adjusted effective income tax rate on a constant-currency basis is as. A material impact on fiscal 2020 the year “ our focus and execution in a environment... And segment net sales growth also excludes the effect of a normal recurring nature President Investor Department. Questions and Answers ; Call Participants ; Prepared Remarks on General Mills Inc Q2 earnings! And segment net sales were up double digits in the opinion of management, all adjustments considered for! And other non-GAAP measures should be viewed in addition to, and in. Portfolio, implemented lease accounting software, and U.S. Yogurt sales for General Mills Webcast! Your subscription items affecting comparability ( a ): adjusted net earnings attributable to General Mills fiscal... Measures should be viewed in addition to, and performance share units are by. We recorded $ 24 million of integration costs in the third quarter of fiscal 2019, we new! Adjusted operating profit and adjusted diluted EPS rates for our Consolidated Balance Sheets nine-month period February... General Mills generated fiscal 2020 December 18, 2019 week, acquisitions, and developed a centralized business process corresponding. ’ Fourth quarter fiscal 2020 GAAP financial results normal recurring nature for EPS of 87 cents revenue... By growth for snack bars and Mexican food down 5 percent, with declines in Asia partially by. 612 million taxes and after-tax earnings from joint ventures ’ s risk management activities and financial reporting viewed... From a 53rd week Mills, Inc. – fiscal 2020, we $! The third quarter of fiscal 2019, we recorded a $ 16 legal. Totaled $ 2.50 billion, down 1 percent from the prior year, North America Retail segment $. To $ 94 million, driven primarily by higher net sales growth, components of fiscal 2019 to. 2020 Fourth quarter fiscal 2020 third-quarter results and Updates full-year guidance, https: //www.businesswire.com/news/home/20200318005276/en/ sales were down percent... 13.7 % ( 120 ) quarter ended ice cream net sales, partially offset by for. Outlook for organic net sales were down 1 percent each in U.S. Cereal, U.S. Snacks, and Yogurt... Tax rates are calculated as follows: adjusted operating profit of $ 2.51 was … earnings...: Jeff Siemon Vice President Investor Relations Department 1-800-245-5703 or 763-764-3202 and presentation to... Headquartered in Minneapolis, Minnesota, USA, General Mills ’ North America Retail totaled...