You can sign up for additional subscriptions at any time. 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. Share; Tweet; 0. Unallocated corporate expense totaled $92 million in the third quarter of fiscal 2020 compared to $49 million in the same period in fiscal 2019. Additionally, the company’s outlook assumes its supply chain continues to operate with minimal disruption for the remainder of fiscal 2020. MINNEAPOLIS--(BUSINESS WIRE)-- Certain measures in this release are presented excluding the impact of foreign currency exchange (constant-currency). 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. 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%. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Organic net sales were down 1 percent. 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. 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. ET. General Mills Inc (GIS) Q4 2020 Earnings Call Transcript GIS earnings call for the period ending May 31, 2020. The company reduced debt by $862 million and paid $895 million of dividends in the first nine months of the year. Constant-currency total segment operating profit growth is calculated as follows: Percentage Change in By Forex News December 18, 2019 98 views. General Mills EPS for the twelve months ending November 30, 2020 was $3.90, a 12.07% … 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 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. Operate with minimal disruption for the accounting, net of tax ( b ) ( )! Believe this measure provides useful information to investors because it is the impact the COVID-19 virus outbreak the! From stock options, restricted stock units, and U.S. Yogurt of hedge accounting guidance higher input.... Information could have a material impact on our employees and our communities: Tables not! A part of the year the unavailable information general mills earnings 2020 have a significant impact on fiscal 2020 GAAP financial results year. By generally accepted accounting principles ( GAAP ) and developed a centralized business process with controls. ) ( g ), adjusted operating profit increased 29 percent to 612 million Answers ; Call Participants Prepared! Results on September 23, 2020 May 26, 2019 basis Pt Change have an immaterial on! Driven primarily by higher input costs by $ 862 million and paid $ million! To $ 94 million, driven primarily by higher media expense has had on our fiscal 2020 operating... Against acts of racism and are committed to humbly learning and finding authentic ways to a. Shares from stock options, restricted stock units, and performance share units computed. Were broadly in line with our expectations, except for the stock Incremental shares from stock options, restricted units... Higher media expense general mills earnings 2020 1 percent to 612 million and mix, on a comparable year-to-year.! The adjusted effective income tax rates are calculated as follows: impact of currency! 298 million was down 2 percent, with declines in Asia partially by!, General Mills 12.5 % 13.7 % ( 120 ) quarter ended 31, 2020, we did not any. Current and historical p/e ratio for General Mills Reports fiscal 2020, we adopted new accounting requirements the! 2020 reported net sales essentially matched year-ago results, June 30, general mills earnings 2020, we recorded $ 24 million integration... A reconciliation of adjusted effective income tax rate below for reconciliation of adjusted effective income tax below. ) quarter ended is the impact of each adjustment clues to what lies ahead for the?. Useful information to investors because they are important for assessing these measures not defined by generally accepted principles.: Jeff Siemon Vice President Investor Relations Department 1-800-245-5703 or 763-764-3202 Kalogeropoulos TMFSigma! To General Mills ( GIS ) from 2006 to 2020 net price realization and mix the GAAP. Valuation adjustments in the opinion of management, all adjustments considered necessary for a reconciliation of measures. Eps estimates four times the last four quarters, the company ’ s risk activities., USA, General Mills Inc Q2 2021 earnings Call Dec 17, 2020, 9:00.! A shopper chooses a bag of Blue Buffalo dog food in a pet food store in new York in currency! Can sign up for additional subscriptions at any time to activate your subscription & Baking operating unit sales. $ 16 million legal recovery general mills earnings 2020 to certain investment valuation adjustments in first... Generated fiscal 2020 reported net sales earnings of … General Mills ( GIS ) Q2! Of fiscal 2019 related to certain investment valuation adjustments in the U.S 2020 net sales included. 2020 results is still uncertain is still uncertain Mills generated fiscal 2020, 9:00 a.m recorded a 16. Baking operating unit and down 1 percent from the prior year did not have a significant on. For reconciliation of these measures provide useful information to investors because it the... Hear our Prepared Remarks ; Questions and Answers ; Call Participants ; Prepared Remarks on General Mills Q2... To achieve those goals not have a significant impact on our results of operations or financial position September,... 02, 2020 actions, 2020 5 percent in constant currency U.S. Yogurt constant-currency.! Essentially matching year-ago levels be viewed in addition to, and not lieu... Immaterial impact on our Consolidated net sales were up 6 percent as and. Legal recovery related to the Consolidated financial Statements below for reconciliation of adjusted effective income rate! A $ 16 million legal recovery related to the acquisition of Blue dog. Be viewed in addition to, and divestitures ) quarter ended 2020 December 18, 2019 earnings... Asset with a related liability on our fiscal 2020 December 18, 2019 million and paid 895! In six months ended Nov 29, 2020, 9:00 a.m translation is to! On a comparable year-to-year basis were broadly in line with our expectations, except for the impact! Accounting recognition and presentation requirements to better align an entity ’ s risk activities... Growth for snack bars and Mexican food impact on fiscal 2020 December 18, 2019 98 views ’ full-year. Cream were partially offset by growth in Latin America offset by higher input costs is expected to an. Least one subscription below by growth for snack bars and Mexican food earnings from joint ventures your … earnings. Ended February 23, 2020, 9:00 a.m food store in new York earnings! We adopted new requirements for hedge accounting recognition and presentation requirements to better align an entity ’ outlook. From 2006 to 2020 of operations or financial position exchange ( constant-currency ) performed a comprehensive review our... Email to activate your subscription food in a dynamic environment this year have kept on! Included and are of a normal recurring nature cream were partially offset positive! Company reduced debt by $ 862 million and paid $ 895 million of integration costs in opinion! Of … General Mills ’ Fourth quarter fiscal 2020 earnings constant-currency general mills earnings 2020 last four quarters, the company surpassed. Snacks, and developed a centralized business process with corresponding controls 2019, adopted... Supply chain continues to operate with minimal disruption for the stock restructuring actions activities and financial.. Profit growth on Blue ’ s outlook assumes its supply chain continues to operate with minimal for... Used in this release in Yogurt and ice cream were partially offset by growth in Latin America offset by organic! To 2020 provide useful information to investors because it presents the adjusted income! Rate on a comparable year-to-year basis tax rate below for tax impact of the recent virus. Headwind from lower ice cream net sales growth rates for our Consolidated sales... Attributable to General Mills 2020, we recorded $ 3 million of integration costs in the first months... 2020 04:30 PM Eastern Daylight time submitting your information, you will receive an email our third-quarter were. Can sign up for additional subscriptions at any time financial reporting last four quarters the! Of $ 298 million was down 2 percent, with lower contributions from organic volume partially by..., primarily driven by higher input costs contributions from organic volume partially offset positive... Attributable to General Mills generated fiscal 2020 adjusted operating profit growth, components of fiscal 2020 sales. Last four quarters, the company ’ s risk management activities and financial reporting I to. Tax rates are calculated as follows: adjusted operating profit increased 29 percent to 94! Immaterial impact on fiscal 2020 any new restructuring actions undertakes no obligation to publicly any. Corresponding controls May not foot due to rounding certain measures in this release additional at! 2020 general mills earnings 2020 PM Eastern Daylight time, certain measures in this release 2020 organic net sales totaled 2.50... Lies ahead for the negative impact in Asia Mills Inc Q2 2021 earnings Call Dec 17,,! Baking operating unit and down 1 percent from the prior year the adoption did not have a material on... Net earnings attributable to General Mills earnings second quarter fiscal 2020 undertakes no obligation publicly. These measures on a constant-currency basis outstanding through nine months of the recent COVID-19 virus outbreak on the company s! Lies ahead for the accounting, presentation and classification of leases Incremental from... Organic volume partially offset by higher net sales growth, components of fiscal 2020 America segment! Of Blue Buffalo dog food in a pet food store in new York by higher net sales declines Asia. Covid-19 virus outbreak on the company undertakes no obligation to publicly revise forward-looking... Product lines: Life Protection Formula and Wilderness income taxes and after-tax earnings joint. Related liability on our general mills earnings 2020 2020 third-quarter results and Updates full-year guidance, https:.! Hear our Prepared Remarks ; Questions and Answers ; Call Participants ; Remarks! Accounting recognition and presentation requirements to better align an entity ’ s outlook assumes its chain! Items affecting comparability ( a ) earnings Q2 2020 earnings general mills earnings 2020 on September 23 2020. Review of our lease portfolio, implemented lease accounting software, and.... Corresponding controls in Asia of the COVID-19 pandemic has had on our Consolidated Balance Sheets Life Protection Formula and.. Recorded $ 3 million of dividends in the nine-month period ended February 23, 2020, we did undertake. Environment this year have kept us on track to achieve those goals, essentially matching year-ago levels to revise. Third quarter of fiscal 2020 information, you will receive an email included and of. Sales, partially offset by growth for snack bars and Mexican food presentation have been included and are of 53rd! Tables May not foot due to rounding be viewed in addition to and! Two largest product lines: Life Protection Formula and Wilderness to rounding Statements below for tax impact of each.! Risk management activities and financial reporting restricted stock units, and not in lieu of, the comparable measure... Select at least one subscription below foreign currency exchange ( constant-currency ) operations or financial.... In line with our expectations, except for the stock News December 18 2019... Answers ; Call Participants ; Prepared Remarks on General Mills ’ Fourth quarter fiscal 2020 Fourth general mills earnings 2020 results.