Form 10-Q General Mills Inc Quarterly report [Sections 13 or 15(d)] SEC.report. General Mills Inc. quarterly income statement. 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. Investor Relations Department For the last reported quarter, it was expected that General Mills would post earnings of $1.06 per share when it actually produced earnings of $1.10, delivering a surprise of +3.77%. 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. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.52%. 23 Sep 20 Files SEC. 18 Dec 19 Files SEC. (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, or if any non-U.S. laws, or any individual or collective agreement would prevent any Non-U.S. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate segment performance. Profit on a Constant- These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure. Meals & Baking unit declined 1 percent, and constant-currency net sales in Canada were also down 1 percent. 763-764-3202, Analysts/Investors: d852246d10q.htm 10-Q Zoom In Zoom Out. Certain measures in this release are presented excluding the impact of foreign currency exchange (constant-currency). General Mills, Inc. engages in the manufacture and marketing of branded consumer foods sold through retail stores. 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. Restructuring, impairment, and other exit costs totaled $8 million in the quarter compared to a $1 million net recovery a year ago. (e) The provisions of this Section are in addition to the other terms and conditions of the Plan. After submitting your information, you will receive an email. General Mills is typically the first U.S. packaged food company to issue a quarterly report, and its results often set the tone for the rest of the industry. Changes will be effective when notice of such change is posted. Capital investments totaled $70 million compared to $113 million a year ago. General Mills, Inc. (NYSE:GIS) posted its earnings results on Wednesday, March, 20th. North America Retail Segment However, in no case shall the Company pay any amounts, or provide any benefits, which are related in any manner to a Change of Control Participant's separation of employment from the Company, greater than the amounts or in addition to the benefits or coverages, otherwise provided for under this Plan B. General Mills (NYSE: GIS) today reported results for the first quarter ended August 25, 2019. For purposes of calculating Total Payments, (i) no portion of the Total Payments the receipt or enjoyment of which the Change of Control Participant shall have effectively waived in writing prior to the date of payment shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the opinion of tax counsel selected by the Company and acceptable to the Change of Control Participant, does not constitute a 'parachute payment' within the meaning of Section 280G(b)(2) of the Code; and (iii) the value of any other non-cash benefit or of any deferred cash payment included in the Total Payments shall be determined by the Company's independent auditors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. General Mills (NYSE:GIS) announced its earnings results on Wednesday. General Mills Inc. (NYSE:GIS) went up by 3.45% from its latest closing price compared to the recent 1-year high of $66.14. Distributed by Public, unedited and unaltered, on 18 March 2020 20:27:18 UTC, Chief Innovation, Technology & Quality Officer. Segment operating profit of $560 million increased 2 percent, driven by HMM cost savings and benefits from positive net price realization and mix, partially offset by input cost inflation and higher brand-building investments. Notwithstanding other Plan provisions, Non-U.S. Change of Control Participants may receive benefits in a lump sum rather than over time to the extent not in violation of Section 409A and in the sole discretion of the Administrator. under this Plan retroactively, nunc pro tunc, and any and all claims under or interests in this Plan B shall be immediately forfeited. Section 1.409A-1(b)(9)(iii)(A) with respect to such Participant shall be paid, with Interest from the date on which payment would otherwise have been made, on the first business day of the first calendar month that begins after the six-month anniversary of such Participant's 'separation from service' within the meaning of Section 409A of the Code (the 'Delayed Payment Date'); provided, however, that if such Participant who is a Specified Employee is a Change of Control Participant (as defined in Plan B of this Program), all amounts that would have been paid within the first six months following the Date of Termination pursuant to Section 4.3(a)(i)(C) of this Plan A shall be paid, with Interest from the date on which payment would otherwise have been made, on the Delayed Payment Date. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.09, MarketWatch Earnings reports. General Mills, Inc. (GIS) latest earnings report: revenue, EPS, surprise, history, news and analysis. It operates through the following segments: North America Retail; Convenience Stores and Foodservice; Europe and Australia; and Asia and Latin America; and Pet. The business had revenue of $4.72 billion for the quarter, compared … Unallocated corporate items totaled $99 million net expense in the first quarter of fiscal 2020, compared to $106 million net expense a year ago. (3) Unallocated corporate expense totaled $99 million in the first quarter of fiscal 2020 compared to $106 million in the same period in fiscal 2019. … The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.97 by $0.09, MarketWatch Earnings reports. We provide organic net sales growth rates for our consolidated net sales and segment net sales. Net sales $ 4,364.0 $ 4,002.5. certain items affecting comparability (a): Adjusted net earnings attributable to General Mills. General Mills Reports Fiscal 2020 First-Quarter Results, Adjusted Diluted EPS and Related Constant-currency Growth Rate, Constant-currency Segment Operating Profit Growth Rates, Net Sales Growth Rates for Canada Operating Unit on a Constant-currency Basis, Adjusted Earnings Comparisons as a Percent of Net Sales, Adjusted Operating Profit Growth on a Constant-currency Basis, https://www.businesswire.com/news/home/20190918005448/en/. Quarter (Aug 30 2020). Dividends paid totaled $298 million. ... Quarterly report. Distributed by Public, unedited and unaltered, on 18 March 2020 20:27:18 UTC 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. The company reported $1.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.09, MarketWatch Earnings reports. Slower growth. https://www.businesswire.com/news/home/20190918005448/en/, General Shareholder Information: A reconciliation of total segment operating profit to the relevant GAAP measure, operating profit, is included in the Statements of Operating Segment Results. We have performed a comprehensive review of our lease portfolio, implemented lease accounting software, and developed a centralized business process with corresponding controls. Net sales in the U.S. as Reported, Percentage Change in (b) See Note 3. General Mills (NYSE: GIS) and its predecessor company have paid dividends without interruption for 121 years. First-quarter net sales for General Mills’ North America Retail segment totaled $2.38 billion, essentially matching year-ago levels, with benefits from net price realization and mix offset by lower contributions from volume. The adjusted effective tax rate was 20.9 percent compared to 22.7 percent a year ago. 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 of acquisitions, divestitures and restructuring actions throughout fiscal 2020. Segment operating profit totaled $28 million compared to $34 million a year ago. Media : Other contacts: For media only: 763-764-6364 (Calls returned 8 a.m to 5 p.m. CT weekdays.) 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. General Mills Inc. published this content on 18 March 2020 and is solely responsible for the information contained therein. Other Income Statement Items 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. General Mills had a return on equity of 28.11% and a net margin of 9.26%. Organic net sales were down 5 percent, driven largely by a continued challenging retail environment in France for yogurt and ice cream, as well as differences in merchandising phasing. Your continued use of the Site after any changes are posted will be considered acceptance of those changes. GENERAL MILLS, INC. AND SUBSIDIARIES (Unaudited) (In Millions, Except per Share Data) Quarter Ended . General Mills (GIS) is out with fiscal 2016 second quarter results and revenue took a hit from the strong dollar. The firm's quarterly revenue was up 8.1% compared to the same quarter last year. Constant-currency net sales for Häagen-Dazs Japan (HDJ) increased 6 percent, driven largely by growth in core mini-cups. (c) See Note 2. For purposes of this Section 4.2(a) of this Plan B, (x) a Change of Control Participant's ability to terminate employment for Good Reason shall be conditioned on the Change of Control Participant providing notice of the event or action giving rise to the right to terminate for Good Reason within 30 days of becoming aware of such event or action and the Company's failing to cure such event or action, if curable, within 30 days of receipt of such notice, (y) any good faith determination of 'Good Reason' made by the Change of Control Participant shall be conclusive, and (z) a Change of Control Participant's mental or physical incapacity following the occurrence of an event described above in clauses (A) through (F) of Section 4.2(a)(ii) shall not affect such Change of Control Participant's ability to terminate employment for Good Reason. Adjusted Effective Income Tax Rate 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. Compete, Accelerate, Reshape . General Mills (NYSE: GIS) today reported results for the first quarter ended August 25, 2019. “We are making clear progress in becoming a nimbler, more consumer-connected General Mills,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. 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. 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. GENERAL MILLS, INC. AND SUBSIDIARIES (Unaudited) (In Millions, Except per Share Data) Quarter Ended Aug. 30, 2020 Aug. 25, 2019. Average diluted shares outstanding for the first quarter increased 1 percent to 612 million. The provisions of the Program are set forth in two independent component plans. In addition, we recorded $9 million of integration costs related to the acquisition of Blue Buffalo in the first quarter of fiscal 2019. We remain on track to deliver our fiscal 2020 goals, including accelerating our organic sales growth, maintaining our strong margins, and reducing our leverage.”. It is acknowledged that certain Non-U.S. Total Segment Net sales growth rates for our Canada operating unit on a constant-currency basis are calculated as follows: Percentage Change in 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. General Mills Inc reported in II. Introduction. We adopted this guidance utilizing the cumulative effect adjustment approach, which required application of the guidance at the adoption date and elected certain practical expedients permitted under the transition guidance, including not reassessing whether existing contracts contain leases and carrying forward the historical classification of those leases. General Mills reported a profit of $0.79 per share when it published results during the same quarter last year. Let's look at the metrics to watch in the company's earnings report. Currency Basis. We got off to a slower start in our other segments, and we’re taking actions to drive topline improvement for those segments and the company starting in the second quarter. (b) The Company's intent is to provide Non-U.S. The current quarterly dividend rate represents a 4 percent increase from the $0.49 per share rate paid a year ago. It is further acknowledged that Non-U.S. 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. This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheets. General Mills: Publications, including annual report and global responsibility report JUNE 26, 2019 • Met or Exceeded F19 Targets for Sales, Profit, EPS, Cash, and Blue Buffalo • Continuing to Pursue Consumer First Strategy and . General Mills, which belongs to the Zacks Food - Miscellaneous industry, posted revenues of $4.36 billion for the quarter ended August 2020, surpassing the Zacks Consensus Estimate by 4.49%. To receive notifications via email, enter your email address and select at least one subscription below. Adjusted Diluted EPS and Related Constant-currency Growth Rate General Mills (NYSE:GIS) last issued its earnings results on Wednesday, September 23rd. It is further acknowledged that Non-U.S. Change of Control Participants may have individual or collective employment agreements that contain applicable employment separation provisions. Any such reduction shall be made in a manner determined by the Administrator in its sole discretion to be equivalent in value. View source version on businesswire.com: 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. 13 or 15 ( d ) ] SEC.report evaluate segment performance submitting your information you. 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