General Mills, Inc. (GIS Quick Quote GIS - Free Report) released robust second-quarter fiscal 2021 results, with the top and the bottom line increasing … The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.87 by $0.13. Motley Fool Transcribers (MFTranscribers) Dec 17, … https://www.businesswire.com/news/home/20190918005448/en/, General Shareholder Information: Profit on a Constant- Stockholders of record on Friday, April 9th will be paid a dividend of 0.51 per share on Monday, May 3rd. General Mills, Inc. (NYSE:GIS) posted its earnings results on Wednesday, March, 20th. Reported, Percentage Change in Operating Segment Results The provisions of the Program are set forth in two independent component plans. (a) See Note 5. The new standard also simplifies the application of hedge accounting guidance. The new standard amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities and financial reporting. Slower growth. R QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) ... GENERAL MILLS, INC. (Exact name of registrant as specified in its charter) Delaware. General Mills (NYSE: GIS): ¹ Please see Note 6 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release. After submitting your information, you will receive an email. Our segments’ operating profit growth rates on a constant-currency basis are calculated as follows: Percentage Change in The Company reserves the right to amend or terminate this Plan B by action of the Committee (as defined below) in accordance with the amendment and termination provisions set forth below. General Mills had a return on equity of 28.46% […] MINNEAPOLIS--(BUSINESS WIRE)-- Adjusted Effective Income Tax Rate 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. Press Release reported 6 hours ago that General Mills Quarterly Dividend Declared. An additional $6 million of restructuring and project-related charges were recorded in cost of sales this year compared to $1 million a year ago. GIS General Mills 10-Q 2019 2020 Q2 Quarterly report. Unallocated corporate items totaled $99 million net expense in the first quarter of fiscal 2020, compared to $106 million net expense a year ago. 23 Sep 20 Files SEC. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and assumptions. WASHINGTON (dpa-AFX) - General Mills (GIS) reported a profit for the second quarter that increased about 19 percent from last year, reflecting higher operating profit, lower net interest expense 18 Dec 19 Files SEC. General Mills Inc. - Get Report posted stronger-than-expected second quarter earnings Wednesday, and re-affirmed its full-year profit guidance, as … On a constant-currency basis, segment operating profit was down 15 percent, driven primarily by a timing difference in brand-building investment and lower volume, partially offset by benefits from net price realization and mix. Currency translation is expected to have an immaterial impact on fiscal 2020 adjusted operating profit and adjusted diluted EPS. Restructuring, impairment, and other exit costs 0.5 8.2. Quarter (Aug 30 2020). Our fiscal 2020 outlook for organic net sales growth also excludes the effect of a 53rd week, acquisitions, and divestitures. General Mills (NYSE:GIS) released its quarterly earnings results on Wednesday. (b) The Company's intent is to provide Non-U.S. transition report pursuant to section 13 or 15(d) of the securities exchange act of 1934 for the transition period from _____ to _____ Commission file number: 001-01185 GENERAL MILLS, INC. First-quarter net sales for the Convenience Stores & Foodservice segment declined 4 percent to $445 million, driven by lower bakery flour volume and unfavorable index pricing, partially offset by low single-digit growth for the Focus 6 platforms including strong performance on cereal and frozen baked goods. II. 1-800-245-5703 or General Mills, Inc. GIS is likely to post an increase in the top and the bottom line when it reports second-quarter fiscal 2021 results on Dec 17. The Program supersedes any severance plans, policies and/or practices with respect to Participants (as defined in Plan A) and Change of Control Participants (as defined in Plan B). Asia & Latin America Segment The company expects consistent topline growth generated by this growth framework, combined with margin expansion, disciplined cash conversion, and cash returns, will generate top-tier returns for General Mills shareholders over the long term. It is further acknowledged that Non-U.S. Dividends paid totaled $298 million. For purposes of this Section 4.2(b)(ii), no act or failure to act, on the part of the Change of Control Participant, shall be considered 'willful' unless it is done, or omitted to be done, by the Change of Control Participant in bad faith or without reasonable belief that the Change of Control Participant's action or omission was in the best interests of the Company. The Board believes it is essential to diminish the inevitable distraction to its senior executives by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage its senior executives' full attention and dedication to the Company currently and in the event of any threatened or pending Change of Control, and to provide its senior executives with compensation and benefit arrangements upon a Change of Control which ensure that the compensation and benefits expectations of its senior executives will be satisfied and which are competitive with those of other corporations. A press release, pre-recorded managem Quarter net earnings per share of $1.11 an increase by 16.84 % year on year from $0.95 and an improvement of 7.77 % from $1.03 realized in I. Compete, Accelerate, Reshape . Participants may have individual or collective employment agreements that contain applicable employment separation provisions. MINNEAPOLIS, Minnesota - The General Mills Board of Directors today declared a quarterly dividend at the prevailing rate of $0.49 per share, payable February 3, 2020, to shareholders of record as of January 10, 2020. The current quarterly dividend rate represents a 4 percent increase from the $0.49 per share rate paid a year ago. Cost of sales . Our adjusted operating profit growth on a constant-currency basis is calculated as follows: Adjusted operating profit growth, on a constant-currency basis. GENERAL MILLS FISCAL 2019 FOURTH-QUARTER RESULTS. Participant relating to employment separation rights or claims under any non-U.S. laws (as generally referred to above) or any applicable individual or collective employment agreement shall reduce the amount of cash and benefits due under this Plan (the 'Offset'). Certain measures in this release are presented excluding the impact of foreign currency exchange (constant-currency). Excluding mark-to-market valuation effects and other items affecting comparability, unallocated corporate items totaled $88 million net expense this year compared to $65 million net expense last year. Cash provided by operating activities totaled $572 million in the first quarter of fiscal 2020, down 6 percent from the prior year, primarily driven by changes in inventory and deferred income taxes, partially offset by higher net earnings. Operating Profit Distributed by Public, unedited and unaltered, on 18 March 2020 20:27:18 UTC GENERAL MILLS, INC. AND SUBSIDIARIES (Unaudited) (In Millions, Except per Share Data) Quarter Ended . Our adjusted effective tax rate was 20.9 percent in the first quarter of fiscal 2020 compared to 22.7 percent in the first quarter of fiscal 2019. General Mills Inc. published this content on 18 March 2020 and is solely responsible for the information contained therein. Notwithstanding the preceding provisions of this Section 4.3, in the event that the applicable Participant is a 'specified employee' (within the meaning of Section 409A) (as determined in accordance with the methodology established by the Company as in effect on the Date of Termination) (a 'Specified Employee') on the Date of Termination, any amounts that would be payable within the first six months following the Date of Termination pursuant to Section 4.3(a)(i)(C) of this Plan A that exceed the amount referenced in Treas. Average diluted shares outstanding for the first quarter increased 1 percent to 612 million. We have included our fiscal 2019 adjusted operating profit as it serves as the base for our target full-year fiscal 2020 adjusted operating profit growth rate. The company reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.69 by $0.14. (d) If, for any reason, the Offset is not possible, or if any non-U.S. laws or any individual or collective agreement would require the Company to pay or provide benefits or coverages greater than an amount otherwise due under this Plan B, or if any non-U.S. laws, or any individual or collective agreement would prevent any Non-U.S. Change of Control Participant from effectively and completely releasing the Company from all claims, then the employee in question shall become ineligible for any payments or benefits. Media : Other contacts: For media only: 763-764-6364 (Calls returned 8 a.m to 5 p.m. CT weekdays.) This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.52%. Any act, or failure to act, based upon authority (A) given pursuant to a resolution duly adopted by the Board, or if the Company is not the ultimate parent corporation of the Company and its Affiliates and is not publicly traded, the board of directors of the ultimate parent of the Company (the 'Applicable Board'), (B) except with respect to an act or failure to act of the Chief Executive Officer, upon the instructions of the Chief Executive Officer of the Company or a senior officer of the Company who is senior to. We also recorded $10 million of net gains related to valuation adjustments and the loss on the sale of certain corporate investments in the first quarter of fiscal 2020. In particular, the requirements of Sections 4.1 and 4.2 must be satisfied by Non-U.S. General Mills manufactures and sells yogurt products, including Yoplait Original, Yoplait Light, Custard Style, Trix, Yumsters, Go-GURT — yogurt-in-a-tube, Yoplait Whips! (a) The intent of the Plan is to cover all Company employees who come within the definition of Participant whether or not their primary place of employment is in the United States. General Mills had a net margin of […] Security and Exchange Commission Form 10-Q Filing for GENERAL MILLS INC Quarterly report [Sections 13 or 15(d)] From For the last reported quarter, General Mills came out with earnings of $1 per share versus the Zacks Consensus Estimate of $0.87 per share, representing a surprise of 14.94%. Note: Table may not foot due to rounding. d34111d10q.htm 10-Q Zoom In Zoom Out. A reconciliation of these measures to reported net sales growth rates, the relevant GAAP measures, are included in our Operating Segment Results above. Profit on Constant-Currency The 10.9 percentage point decrease was primarily due to a $53 million net benefit related to a reorganization of certain wholly owned subsidiaries and certain international discrete tax benefits in fiscal 2020. Constant-currency Segment Operating Profit Growth Rates (e) The CPW restructuring charges are related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019. Sales in that period totaled $4.00 billion. The 1.8 percentage point decrease in the adjusted effective tax rate was primarily due to certain international discrete tax benefits in fiscal 2020. In the first quarter of fiscal 2020, we adopted new accounting requirements for hedge accounting. GIS General Mills 10-Q 2020 2021 Q1 Quarterly report. General Mills reaffirmed its key full-year fiscal 2020 targets: General Mills will hold a briefing for investors today, September 18, 2019, beginning at 7:30 a.m. Central time (8:30 a.m. Eastern time). Total Segment Operating Profit Participant from effectively and completely releasing the Company from all claims, then the employee in question shall become ineligible for any payments or benefits under this Plan retroactively, nunc pro tunc, and any and all claims under or interests in this Plan shall be immediately forfeited. Vice President Investor Relations Your continued use of the Site after any changes are posted will be considered acceptance of those changes. 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. (e) The provisions of this Section are in addition to the other terms and conditions of the Plan. The segment maintained momentum in the U.S. Cereal operating unit, where net sales were up 1 percent, while improving trends in U.S. Yogurt and U.S. Snacks, where net sales were flat and down 1 percent, respectively. 10-Q. Pet parent takeaway accelerated in the quarter, with all-channel retail sales up low double digits. First-quarter net sales for the Pet segment increased 7 percent to $368 million, driven by positive contributions from volume growth and positive net price realization and mix, partially offset by the comparison to an extra week of results in last year’s first quarter related to acquisition timing. This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheets. 763-764-2301. 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. In particular, the requirements of Sections 4.1 and 4.2 must be satisfied by Non-U.S. Change of Control Participants. Cash Flow from changes in current assets and liabilities: GENERAL MILLS, INC. AND SUBSIDIARIES The amount of money a Participant would be paid under the Company's Incentive Plan at the 'target' level for the fiscal year in which an involuntary termination occurs. General Mills hit an impressive level of … However, in no case shall the Company pay any amounts, or provide any benefits, which are related in any manner to a Participant's separation of employment from the Company, greater than the amounts or in addition to the benefits or coverages, otherwise provided for under the Plan. The company had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.21 billion. This guidance did not have a material impact on retained earnings, our Consolidated Statements of Earnings, or our Consolidated Statement of Cash Flows. Excluding the timing difference, net sales increased in the mid teens. under this Plan retroactively, nunc pro tunc, and any and all claims under or interests in this Plan B shall be immediately forfeited. … Note: Tables may not foot due to rounding. Participants may be covered by laws outside the U.S., including national, provincial, and/or local laws, governing the employment relationship between said Participants and the Company. In the first quarter of fiscal 2020, we adopted new requirements for the accounting, presentation and classification of leases. As of August 25, 2019, we reported right of use assets net of accumulated amortization in other assets of $409 million, current lease liabilities in other current liabilities of $103 million, and non-current lease liabilities in other liabilities of $318 million on our Consolidated Balance Sheet. This document sets forth the Separation Pay and Benefits Program for Officers (the 'Program') of General Mills, Inc. (the 'Company'). Investor Relations Department For purposes of clarification, Non-U.S. The Company and the applicable Change of Control Participant shall take all steps necessary (including with regard to any post-termination services by such Change of Control Participant) to ensure that any termination described in this Section 4.2(a) constitutes a 'separation from service' within the meaning of Section 409A. Image source: Getty Images. Components of Fiscal 2020 Reported Net Sales Growth, Components of Fiscal 2020 Organic Net Sales Growth, Fiscal 2020 Segment Operating Profit Growth. Europe & Australia Segment Additionally, the measures are evaluated on a constant-currency basis by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given the volatility in foreign currency exchange rates. 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. 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 $49 million. General Mills, Inc. (GIS) latest earnings report: revenue, EPS, surprise, history, news and analysis. GENERAL: GM reserves the right, at its sole discretion, to change, modify, add or remove any portion of these Terms and Conditions, in whole or in part, at any time. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: 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; disruptions or inefficiencies in the supply chain; 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. 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