general mills inc (GIS) Key Developments
General Mills to Invest $253 Million to Expand Operations in Tennessee
Apr 29 15
General Mills is planning to invest around $253 million to expand its facility in Murfreesboro, in the US state of Tennessee. The move is expected to create 117 new jobs, in addition to the existing 900 roles. Work under the expansion includes increasing production on existing lines, as well as installation of additional production equipment. The Murfreesboro plant currently produces Yoplait yogurt and Big G's toaster strudel line.
General Mills, Inc. Announces Retirement of Hilda Ochoa-Brillembourg to the Board of Directors
Mar 26 15
General Mills, Inc. announced that Hilda Ochoa-Brillembourg has informed the company that she has decided not to stand for re-election at the
company's next annual meeting of shareholders in order to focus her time and attention on other interests. Ms. Ochoa-Brillembourg has served on the board of directors since 2002, and will continue to serve through the remainder of her current term, which concludes in September 2015, on the date of the company's next annual meeting.
General Mills Completes Plan to Cut About 800 Jobs
Mar 18 15
General Mills announced that it has completed a plan to eliminate about 800 positions. General Mills said that the previously announced job cuts, which were mostly in the U.S., were part of a restructuring plan called Project Catalyst that was approved during its fiscal second quarter. The company also has a restructuring plan called Project Century. As part of that plan, General Mills is reducing its refrigerated dough capacity and exiting its Canada and New Albany, Indiana, facilities. The plants support its U.S. retail, international and convenience stores and foodservice supply chains. Exiting the Canadian plant will impact about 100 jobs, while exiting the Indiana facility will affect approximately 400 positions. The actions are anticipated to be completed by the end of fiscal 2018. Project Century also includes the closing of a facility in Methuen, Massachusetts, that would eliminate about 250 positions, and exiting its Lodi, California facility, which would impact about 430 positions. All of those job cuts are expected to be completed by fiscal 2016 end.
General Mills, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and First Nine Months Ended February 22, 2015; Re-Affirms Earnings Guidance for the Full Year of Fiscal 2015; Provides Earnings Guidance for the Fourth Quarter of Fiscal 2015
Mar 18 15
General Mills, Inc. announced unaudited consolidated earnings results for the third quarter and first nine months ended February 22, 2015. For the quarter, the company announced net sales of $4,350.9 million compared to $4,377.4 million for the same period a year ago. Operating profit was $537.2 million compared to $670.6 million for the same period a year ago. Earnings before income taxes and after-tax earnings from joint ventures was $457.2 million compared to $595.1 million for the same period a year ago. Net earnings, including earnings attributable to redeemable and non-controlling interests was $353.8 million compared to $417.0 million for the same period a year ago. Net earnings attributable to the company were $343.2 million compared to $410.6 million for the same period a year ago. Earnings per share, diluted were $0.56 compared to $0.64 for the same period a year ago. Adjusted operating profit was $666.2 million compared to $647.8 million for the same period a year ago. Adjusted net earnings attributable to the company were $427.6 million compared to $396.2 million for the same period a year ago. Adjusted pre-tax earnings were $586.2 million compared to $572.3 million for the same period a year ago. Adjusted diluted EPS was, which excludes certain items affecting comparability of results, totaled 70 cents in the third quarter of 2015, up 13% from 62 cents in last year's third quarter. On a constant-currency basis, adjusted diluted EPS grew 15%.
For the first nine months, the company announced net sales of $13,331.5 million compared to $13,625.8 million for the same period a year ago. Operating profit was $1,653.7 million compared to $2,275.5 million for the same period a year ago. Earnings before income taxes and after-tax earnings from joint ventures was $1,417.9 million compared to $2,052.5 million for the same period a year ago. Net earnings, including earnings attributable to redeemable and non-controlling interests was $1,061.6 million compared to $1,445.9 million for the same period a year ago. Net earnings attributable to the company were $1,034.5 million compared to $1,419.8 million for the same period a year ago. Earnings per share, diluted were $1.67 compared to $2.18 for the same period a year ago. Net cash provided by operating activities was $1,561.4 million compared to $1,724.2 million for the same period a year ago. Purchases of land, buildings, and equipment were $490.9 million compared to $416.4 million for the same period a year ago. Adjusted operating profit was $2,088.4 million compared to $2,236.0 million for the same period a year ago. Adjusted net earnings attributable to the company were $1,308.0 million compared to $1,395.8 million for the same period a year ago. Adjusted pre-tax earnings were $1,852.6 million compared to $2,013.0 million for the same period a year ago. Adjusted diluted EPS totaled $2.11 this year to date, compared to $2.15 a year ago. Foreign currency exchange reduced fiscal 2015 nine-month adjusted diluted EPS by approximately 4 cents.
The company re-affirmed earnings guidance for the full year of fiscal 2015. Net sales in constant currency are expected to grow at a low single-digit rate from the 2014 base of $17.9 billion. This includes an estimated 2 points of sales growth from the extra week and incremental sales from the Annie's acquisition. Total segment operating profit in constant currency is expected to decline at a low single-digit rate from prior-year results of $3.15 billion. Fiscal 2015 adjusted diluted earnings per share are expected to grow at a low-single-digit rate in constant currency from the base of $2.82 earned in fiscal 2014. At current exchange rates, the company estimates a 7-cent reduction to fiscal 2015 adjusted diluted EPS from currency translation. The company continues to estimate full year capital expenditure of $750 million, including the incremental spending related to Project Century. The company expects full year operating cash flow, including cash restructuring charges, to be comparable to last year's levels, including the 53rd week and the addition of Annie's. The company expects full year adjusted effective tax rate to be 100 basis points lower than last year's due primarily to favorable earnings mix by country. The company expects to deliver mid-single-digit sales growth for 2015.
In the fourth quarter, the company expects adjusted gross margin will roughly match last year's levels, reflecting the impact of lower trade expense and moderating input cost inflation.
General Mills Reportedly Mulls Sale Of Frozen Vegetable Business
Mar 11 15
General Mills, Inc. (NYSE:GIS) is planning to sell Green Giant frozen and canned vegetable business, sources said. The business generates revenue of around $700 million, the sources added. The sale is expected to take place later this summer and Rothschild is acting as financial advisor for General Mills, according to sources.