general mills inc (GIS) Key Developments
General Mills, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended May 31, 2015; Provides Earnings Guidance for the Year 2016
Jul 1 15
General Mills, Inc. announced unaudited consolidated financial results for the fourth quarter and year ended May 31, 2015. For the quarter, the company reported net sales of $4,298.8 million against $4,283.8 million a year ago. Operating profit was $423.6 million against $681.9 million a year ago. Earnings before income taxes and after-tax earnings from joint ventures was $344.0 million against $602.5 million a year ago. Net earnings attributable to the company were $186.8 million or $0.30 per diluted share against $404.6 million or $0.65 per diluted share a year ago. Adjusted operating profit was $719.3 million against $673.2 million a year ago. Adjusted net earnings attributable to General Mills were $465.1 million against $423.5 million a year ago. Adjusted diluted EPS, which excludes certain items affecting comparability, totaled 75 cents for the fourth quarter, up 12% from 67 cents a year ago. On a constant-currency basis, fourth-quarter adjusted diluted EPS increased 18%. The effective tax rate was 30.5% compared to 32.2% a year ago, reflecting changes in earnings mix by country and favorable discrete items.
For the year, the company reported net sales of $17,630.3 million against $17,909.6 million a year ago. Operating profit was $2,077.3 million against $2,957.4 million a year ago. Earnings before income taxes and after-tax earnings from joint ventures was $1,761.9 million against $2,655.0 million a year ago. Net earnings attributable to the company were $1,221.3 million or $1.97 per diluted share against $1,824.4 million or $2.83 per diluted share a year ago. Net cash provided by operating activities was $2,542.8 million against $2,541.0 million a year ago. Purchases of land, buildings, and equipment were $712.4 million against $663.5 million a year ago. Adjusted operating profit was $2,807.7 million against $2,909.2 million a year ago. Adjusted net earnings attributable to General Mills were $1,773.1 million against $1,819.3 million a year ago. Adjusted diluted EPS totaled $2.86 in fiscal 2015, up 1% from $2.82 earned last year. On a constant-currency basis, adjusted diluted EPS increased 4%.
The company expects for the fiscal 2016 net sales to be up 1% in constant currency. Total segment operating profit is expected to grow at a low single-digit rate in constant currency. Constant-currency adjusted diluted EPS is expected to grow at a mid single-digit rate from the base of $2.86 earned in fiscal 2015. At current exchange rates, the company estimates a 4-cent headwind to fiscal 2016 adjusted diluted EPS from currency translation.
General Mills Reportedly Puts Green Giant Business On Block
Jul 1 15
General Mills, Inc. (NYSE:GIS) may sell its business. The company has reportedly put its Green Giant business up for sale.
General Mills, Inc. Declares Quarterly Dividend Payable on August 3, 2015
Jun 30 15
General Mills declared a quarterly dividend of $0.44 per share, unchanged from the dividend paid in the previous quarter. This dividend is payable on August 3, 2015 to shareholders of record on July 10, 2015.
General Mills Inc. Plans to Cut 675 to 725 Jobs in International Business Under New Restructuring Plan Aim at Cutting Costs and Boosting Growth
Jun 25 15
General Mills Inc. announced that it would cut 675 to 725 jobs in its international business under a new restructuring plan aimed at cutting costs and boosting growth. The job cuts are expected save $45 million- $50 million per year, with about $25 million- $30 million being realized in the year ending May 2016. The restructuring is expected to be completed in the early part of its year ending May 2017. The company said that in March it would complete the elimination of about 800 jobs, mainly in the United States, by the end of fiscal 2015 under a separate cost-cutting plan. The company will also shut plants in Methuen in Massachusetts and Lodi in California under another restructuring plan, cutting about 680 jobs by the end of fiscal year 2016.
General Mills, Inc. to Report Q4, 2015 Results on Jul 01, 2015
Jun 11 15
General Mills, Inc. announced that they will report Q4, 2015 results at 7:30 AM, Central Standard Time on Jul 01, 2015