Net earnings attributable to General Mills as reported, Mark-to-market effects, net of tax (b)(f), Acquisition integration costs, net of tax (d)(f), CPW restructuring charges, net of tax (e), Adjusted net earnings attributable to General Mills, (e)     The CPW restructuring item represents charges related to initiatives designed to improve profitability and growth, (f)      See reconciliation of effective income tax rate excluding certain items affecting comparability below for tax impact, Adjusted Operating Profit Growth Excluding Certain Items Affecting Comparability on a Constant-Currency Basis. The effective tax rate in the quarter was a 17.7 percent charge compared to an 85.9 percent benefit last year (please see Note 6 below for more information on our effective tax rate). Investor Relations Department TOTAL GENERAL MILLS $ VS LY¹ $ VS LY¹. Other components of net periodic benefit expense must be presented separately outside of operating profit in our Consolidated Statements of Earnings. In the first quarter of fiscal 2019, we adopted new accounting requirements related to the presentation of net periodic defined benefit pension expense, net periodic postretirement benefit expense, and net periodic postemployment benefit expense (collectively "net periodic benefit expense"). We also recorded $6 million of integration costs in the third quarter of fiscal 2019 and $4 million of acquisition transaction costs in the same period last year related to the acquisition of Blue Buffalo. 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. General Mills: A list of General Mills web properties and newsletters, including Betty Crocker, Pillsbury Bake-Off and Box Tops for Education. We believe this measure provides useful information to investors because it is important for assessing the effective tax rate excluding certain items affecting comparability and presents the income tax effects of certain items affecting comparability. 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-over-year basis. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates and commodity prices or the timing or impact of acquisitions, divestitures and restructuring actions throughout fiscal 2019. The TCJA also results in a U.S. federal statutory tax rate of 21 percent for fiscal 2019. Cash provided by operating activities totaled $2.03 billion through nine months of fiscal 2019. Segment operating profit increased 10 percent to $303 million, primarily driven by benefits from cost savings initiatives and positive net price realization and mix, partially offset by input cost inflation. You must click the link in the email to activate your subscription. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. First-quarter net sales for the Europe & Australia segment increased 2 percent to $501 million, driven primarily by benefits from net price realization and mix. By using our global scale C'est pourquoi depuis 150 ans, notre groupe vise à nourrir le monde avec des produits que les gens adorent. You must click the link in the email to activate your subscription. Front and Center. MINNEAPOLIS, Minn. –March 20, 2019 General Mills (NYSE: GIS) today reported results for the third quarter ended February 24, 2019. Net sales declined 4 percent in the U.S. Snacks operating unit and 2 percent each in U.S. Three years of recklessly enacted, expansive and damaging policies, which ignore facts, deny science and infringe on basic freedoms. You will not be able to attend the Annual Meeting at … Three Years. (6)     The effective tax rate for the first quarter of fiscal 2019 was 22.6 percent compared to 30.4 percent for the first quarter of fiscal 2018. Our effective tax rate excluding certain items affecting comparability was 19.9 percent in the third quarter of fiscal 2019 compared to 15.2 percent in the third quarter of fiscal 2018 (see Note 7 below for a description of our use of measures not defined by GAAP). Three years of incessant attacks on women’s rights — especially sexual and reproductive rights. Based on its year-to-date performance and fourth-quarter expectations, the company updated its full-year fiscal 2019 targets: General Mills will hold a briefing for investors today, March 20, 2019, beginning at 7:30 a.m. Central time (8:30 a.m. Eastern time). Acquisition transaction and integration costs (e), Net earnings attributable to General Mills as reported, Mark-to-market effects, net of tax (c)(h), Acquisition integration costs, net of tax (e)(h), CPW restructuring charges, net of tax (g), Adjusted net earnings attributable to General Mills. (3)     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. Innovation. “I’m encouraged by our second-quarter performance, including the broad-based improvement in our organic sales trends and positive results on the bottom line,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. Organic net sales increased 7 percent. Excluding items affecting comparability, the adjusted effective tax rate was 22.7 percent compared to 30.5 percent a year ago, primarily driven by the lower U.S. federal statutory tax rate resulting from the Tax Cuts and Jobs Act. We recorded $47 million in restructuring charges in the third quarter of fiscal 2019. Adjusted operating profit growth, excluding items affecting comparability, Effective Income Tax Rate Excluding Certain Items Affecting Comparability. The General Mills leadership team has ultimate accountability for the company's global responsibility programs and performance. After submitting your information, you will receive an email. In addition, fourth-quarter Pet segment operating profit margins will benefit from accelerated synergies, cost savings initiatives, favorable product mix, and pricing actions taken earlier in the year. For the fourth quarter of fiscal 2019, General Mills expects Blue Buffalo's net sales and segment operating profit growth will accelerate meaningfully, driven by significant distribution expansion in the FDM channel. Organic net sales also increased 2 percent. Consolidated Statements of Earnings and Supplementary Information, (Unaudited) (In Millions, Except per Share Data), Selling, general, and administrative expenses, Earnings before income taxes and after-tax, Net earnings, including earnings attributable, to redeemable and noncontrolling interests, Net earnings attributable to General Mills, Comparisons as a % of net sales excluding. scroll to continue. Constant-currency net sales for Häagen-Dazs Japan (HDJ) declined 14 percent, reflecting a difficult comparison to 14 percent growth in the prior year. (6)     The effective tax rate for the third quarter of fiscal 2019 was 17.7 percent compared to an 85.9 percent benefit for the third quarter of fiscal 2018. Components of Fiscal 2019 Reported Net Sales Growth, Components of Fiscal 2019 Free Cash Flow Conversion Rate and Total Cash Returned to Shareholders as a Percentage of Free Cash Flow. Last quarter, the company’s pet food segment improved sales by 7% against the first quarter of fiscal 2019, to $368 million. Ensuring that people across the globe are inspired, motivated, trained and developed to embrace the future of work. We recorded a $35 million pre-tax loss on the sale of the La Salteña business in Argentina in the third quarter. Unallocated corporate items totaled $106 million net expense in the first quarter of fiscal 2019, compared to $54 million net expense a year ago. We provide organic net sales growth rates for our consolidated net sales and segment net sales. 1-800-245-5703 or Third-quarter net sales for General Mills' North America Retail segment totaled $2.52 billion, essentially matching the prior year, with growth in the U.S. Cereal and U.S. The new standard requires the service cost component of net periodic benefit expense to be recorded in the same line items as other employee compensation costs within our Consolidated Statements of Earnings. To receive notifications via email, enter your email address and select at least one subscription below. Quality, taste and convenience have made Betty Crocker a consistent favourite with consumers in the United States since 1921. Our simple-to-prepare cakes, muffins and other products are all about ease – and guaranteed family togetherness. Puttin' on the Ritz with upscale sandwiches for schools. Organic net sales increased 7 percent. We recorded a $6 million net decrease in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in the third quarter of fiscal 2019 compared to a $3 million net increase in expense in the same period last year. comparability, on a constant-currency basis. PAI Annual report 2019. Organic net sales declined 1 percent. Why frosting takes more than the cake. ANNUAL. Due to the public health concerns resulting from the COVID-19 pandemic, we are holding the Annual Meeting in a virtual-only meeting format to support the health and safety of our shareholders and employees. Segment operating profit of $582 million increased 12 percent as reported and in constant currency, driven by benefits from cost savings initiatives, lower selling, general, & administrative (SG&A) expenses, and positive net price realization and mix, partially offset by input cost inflation. The new standard requires the service cost component of net periodic benefit expense to be recorded in the same line items as other employee compensation costs within our Consolidated Statements of Earnings. Average diluted shares outstanding through nine months increased 4 percent to 604 million. The unavailable information could have a significant impact on our fiscal 2019 GAAP financial results. We recorded a $31 million net increase in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in the first quarter of fiscal 2019 compared to a $2 million net decrease in expense in the same period last year. Other components of net periodic benefit expense must be presented separately outside of operating profit in our Consolidated Statements of Earnings. 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. Diluted EPS Excluding Certain Items Affecting Comparability and the Related Constant-Currency Growth Rates. (4)   Unallocated corporate expense totaled $49 million in the third quarter of fiscal 2019 compared to $51 million in the same period in fiscal 2018. (1)     The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States for annual and interim financial information. Acquisition transaction and integration costs, Total Segment Operating Profit and Related Constant-currency Growth Rates. In the third quarter of fiscal 2019, we approved restructuring actions to drive efficiencies in targeted areas of our global supply chain. Financial results for the third quarter and first nine months of fiscal 2019 include contributions from Blue Buffalo Pet Products, Inc. (“Blue Buffalo”), which was acquired on April 24, 2018. We believe that these measures provide useful information to investors because they are important for assessing these measures excluding certain items affecting comparability. The company continues to expect these actions will result in double-digit pro forma growth in Pet segment net sales and operating profit for the full year, excluding acquisition-related charges. See accompanying notes to consolidated financial statements. Segment operating profit decreased to $12 million from $16 million a year ago, driven by input cost inflation and higher SG&A expenses, partially offset by higher net sales. In fiscal 2018, we acquired Blue Buffalo Pet Products, Inc. ("Blue Buffalo") for an aggregate purchase price of $8.0 billion, including $103 million of consideration for net debt repaid at the time of acquisition. In the UK, rapid growth in the past few years means that Betty Crocker is now No. EYK 14-5. (a)      Earnings before income taxes and after-tax earnings from joint ventures. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate segment performance. Our fiscal 2019 outlook for organic net sales growth, constant-currency adjusted operating profit and adjusted diluted EPS, and free cash flow 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. We have included our fiscal 2018 adjusted operating profit, excluding certain items affecting comparability, as it serves as the base for our target full-year fiscal 2019 adjusted operating profit, excluding certain items affecting comparability. To be in environments where they are empowered to thrive, stimulated to succeed and given every chance to make their individual futures better and brighter than ever before. There were no changes to our reported segment operating profit or net earnings attributable to General Mills. We ensure that employees know what it means to: Behave ethically. Under the new standard, we apply a principles-based five step model to recognize revenue upon the transfer of control of promised goods to customers and in an amount that reflects the consideration for which we expect to be entitled to in exchange for those goods. Net sales in the Canada operating unit were down 2 percent in constant currency, while U.S. Cereal net sales increased 1 percent. Organic Net Sales Growth, Fiscal 2019 Segment Operating Profit Growth. After submitting your information, you will receive an email. (c)    The CPW restructuring item represents charges related to initiatives designed to improve profitability and growth that were approved in fiscal 2018. Global Growth and Returns. We believe this measure provides useful information to investors because it is important for assessing the effective tax rate excluding certain items affecting comparability and presents the income tax effects of certain items affecting comparability. Act in compliance with our Code of Conduct and policies. At the end of fiscal year 2020, revenue was $17.6 billion (US). We engage with stakeholders to accelerate progress on social and environmental initiatives. Segment operating profit of $81 million declined 4 percent as reported and was in line with last year in constant currency, with benefits from cost savings initiatives, lower SG&A expenses, and favorable product mix offset by input cost inflation, including currency-driven inflation on products imported into the U.K. Cash Flow from changes in current assets and liabilities: GENERAL MILLS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited). Segment operating profit of $24 million was down 11 percent as reported and down 1 percent in constant currency, driven by significant input cost inflation, including currency-driven inflation on products imported into the U.K, partially offset by benefits from cost savings initiatives, lower SG&A expenses, and favorable net price realization and mix. We adopted the requirements of the new standard and subsequent amendments to all contracts in the first quarter of fiscal 2019 using the cumulative effect approach. The effective tax rate in the quarter was 22.6 percent, compared to 30.4 percent last year (please see Note 6 below for more information on our effective tax rate). Operating Profit as Reported, Percentage Change in Total Segment Operating Profit on a Constant-Currency Basis, Constant-currency Segment Operating Profit Growth Rates. Since 1954, we have fueled more than half a billion dollars in support to nonprofit organizations in our communities. General Shareholder Information: Investor Relations Department 1-800-245-5703 or 763-764-3202. Media : Other contacts: For media only: 763-764-6364 (Calls returned 8 a.m to 5 p.m. CT weekdays.) Our top 5 trends from Expo West 2019. 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-over-year basis. Download this Press Release PDF Format (opens in new window) PDF 1.38 MB - Net sales increased 5 percent to $4.4 billion, and grew 7 percent in constant currency(1); organic net sales declined 1 percent - Operating profit declined 23 percent; adjusted operating profit, … MINNEAPOLIS, March 20, 2019 /PRNewswire/ -- General Mills (NYSE: GIS) today reported results for the third quarter ended February 24, 2019. General Mills: Global Responsibility Reports, archive. Through nine months, Europe & Australia net sales declined 3 percent to $1.39 billion, driven by 3 points of unfavorable foreign currency exchange. In the quarter and nine-month periods ended February 24, 2019, we recorded acquisition integration costs of $6 million and $21 million, respectively, in selling, general, and administrative (SG&A) expenses. Capital investments of $113 million declined 3 percent from a year ago. Des résultats 2019 solides, un groupe pleinement mobilisé pour soutenir les territoires, l’économie et les Français. 1 in the sweet baking mixes category. "Fiscal 2019 is off to a good start," said General Mills Chairman and Chief Executive Officer Jeff Harmening. (a) See Note 7 for a reconciliation of these measures not defined by generally accepted accounting principles (GAAP). Exchange, Percentage Change in Operating Profit on Constant-Currency Basis, Net Sales Growth Rates on Constant-currency Basis. The calculation of free cash flow conversion rate and net cash provided by operating activities conversion rate, its equivalent GAAP measure, follows: and noncontrolling interests, as reported, Hyperinflationary accounting, net of tax (a), Investment valuation adjustments, net of tax (a), Acquisition transaction and integration costs, net of tax (c), CPW restructuring charges, net of tax (d), Adjusted net earnings, including earnings attributable to redeeming and noncontrolling interests, Net cash provided by operating activities conversion rate, View original content to download multimedia:http://www.prnewswire.com/news-releases/general-mills-reports-strong-fiscal-2019-third-quarter-results-and-updates-full-year-guidance-300815535.html, General Shareholder Information: 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. 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-over-year basis. Sales growth for the snack bars, ice cream, and Mexican food platforms offset a decline in yogurt. 763-764-2301. We recorded $14 million in charges related to the impairment of certain manufacturing assets within our North America Retail segment in the nine-month period ended February 24, 2019. Combined after-tax earnings from joint ventures were $12 million compared to $17 million last year, driven primarily by our $4 million after-tax share of CPW restructuring charges. The following information was filed by General Mills Inc (GIS) on Wednesday, July 1, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. 763-764-3202, Analysts/Investors: These forward-looking statements, including the statements under the caption "Fiscal 2019 Outlook," and statements made by Mr. Harmening, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. 2019 Online Annual Report. To receive notifications via email, enter your email address and select at least one subscription below. Our effective tax rate excluding certain items affecting comparability was 22.2 percent in the nine-month period ended February 24, 2019 compared to 25.4 percent in the same period of fiscal 2018 (see Note 7 below for a description of our use of measures not defined by GAAP). Under the new standard, we apply a principles-based five step model to recognize revenue upon the transfer of control of promised goods to customers and in an amount that reflects the consideration for which we expect to be entitled to in exchange for those goods. General Mills Revenue Est. Organic net sales were also up 3 percent. A reconciliation of these measures to reported net sales growth rates, the relevant GAAP measures, are included in our Operating Segment Results above. See reconciliation of effective income tax rate excluding certain items affecting comparability below for tax impact of adjustment. The 103.6 percentage point increase was primarily due to the provisional net benefit of $504 million related to the Tax Cuts and Jobs Act ("TCJA") recorded in the third quarter of fiscal 2018. Dividends paid totaled $294 million. In the first quarter of fiscal 2019, we recorded acquisition integration costs of $8.7 million in selling, general, and administrative (SG&A) expenses. Financial results for the third quarter and first nine months of fiscal 2019 include contributions from Blue Buffalo Pet Products, Inc. ("Blue Buffalo"), which was acquired on April 24, 2018. Welcome to Global Site. In-market results continued to show solid growth, with retail sales up high-single digits. We engage with stakeholders to accelerate progress on social and environmental initiatives. General Mills, Inc. does not currently have any hardcopy reports on AnnualReports.com. Accounting Research Problem: General Mills, Inc. The adjustments are either items resulting from infrequently occurring events or items that, in management's judgment, significantly affect the year-over-year assessment of operating results. "We had a strong third quarter, with positive organic sales growth and significant operating margin expansion," said General Mills Chairman and Chief Executive Officer Jeff Harmening. The new standard requires retrospective adoption of the presentation of net periodic benefit expense. Posts tagged with: general mills annual report View full post 14 facts about General Mills in 2014 View full post Our top 5 posts in August Editorial Team. REQUIRED: Using the fiscal year end 2019 annual report for General Mills, Inc. and the figures from the 2017 annual report as noted below, calculate the financial ratios for 2019 and 2018 … Segment operating profit of $34 million was up 13 percent as reported and up 12 percent in constant currency, primarily reflecting benefits from net price realization and mix and lower SG&A expenses, partially offset by higher input costs, including currency-driven inflation on imported products. The 23.1 percentage point increase was primarily due to the provisional net benefit of $504 million related to the TCJA recorded in the nine-month period ended February 25, 2018. Represents a prior period adjustment recorded in the second quarter of fiscal 2018. We believe these measures provide useful information to investors because they are important for assessing our efficiency in converting earnings to cash and returning cash to shareholders. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates and commodity prices or the timing or impact of acquisitions, divestitures and restructuring actions throughout fiscal 2019. Third-quarter net sales for the Asia & Latin America segment declined 2 percent to $428 million, driven by 8 points of unfavorable foreign currency exchange and a 1-point headwind from the divestiture of our La Salteña fresh pasta and refrigerated dough business in Argentina. We expect these actions to be completed by the end of fiscal 2022. General Mills: A list of General Mills web properties and newsletters, including Betty Crocker, Pillsbury Bake-Off and Box Tops for Education. The effective tax rate for the nine-month period ended February 24, 2019, was 21.4 percent compared to a 1.7 percent benefit for the nine-month period ended February 25, 2018. (a)    Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. General Mills reaffirmed its key full-year fiscal 2019 targets: General Mills will hold a briefing for investors today, September 18, 2018, beginning at 7:30 a.m. Central time (8:30 a.m. Eastern time). (e)    See reconciliation of effective income tax rate excluding items affecting comparability below for tax impact of adjustment. Net sales performance was led by growth for Pillsbury and Nature Valley snack bars, Häagen-Dazs ice cream, and Wanchai Ferry frozen dumplings. We expect to spend approximately $30 million of cash related to these actions. In the first quarter of fiscal 2019, we adopted new accounting requirements for the recognition of revenue from contracts with customers. Please fill out the form below and click "Place Order" to complete your order. (4)     Unallocated corporate expense totaled $106 million in the first quarter of fiscal 2019 compared to $54 million in the same period in fiscal 2018. Our fiscal 2019 outlook for organic net sales growth, constant-currency adjusted operating profit and adjusted diluted EPS, and free cash flow 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, acquisitions, divestitures and mark-to-market effects. General Mills Annual Revenue and Growth Rate. Accounting Research Problem: General Mills, Inc. "Our year-to-date performance and fourth-quarter plans give us confidence that we will meet or exceed all of our key fiscal 2019 targets. 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. Investor contact. The snack bar and ice cream platforms led net sales growth for the segment. For fiscal 2019, we currently expect: foreign currency exchange rates (based on blend of forward and forecasted rates and hedge positions) to reduce net sales growth by 1 to 2 percent; acquisitions and divestitures to increase net sales growth by high single digits; foreign currency exchange rates to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth; and total restructuring charges and project-related costs related to actions previously announced to total approximately $85 million. 2 2019 ANNUAL REPORT General Mills, Inc. See the full 2019 Global Responsibility Report at: www.generalmills.com/responsibility Global Responsibility At General Mills, we know that food plays a central role in people’s lives and has a profound impact on the environment and communities worldwide. 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