GIS General Mills 10-Q 2020 2021 Q1 Quarterly report. 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. General Mills, Inc. (NYSE: GIS) plans to report results for its fiscal 2021 first quarter on September 23, 2020. North America Retail Segment 763-764-2301. Selling, general, and administrative expenses 736.2 718.9. Quarterly Report 2020 Q2 Capital Planning & Development Facilities Planning & Management 30 North Mills St. | Madison, WI 53715 | (608) 263-3000 | cpd.fpm.wisc.edu | Page 5 Lathrop Drive Bascom Hill Utility Phase 1 & 2 Start Construction $ 32,656,000 12/2021 Limnology Lift Station & Fm as Reported, Percentage Change in Operating Segment operating profit of $91 million was 6 percent below the year-ago result that grew 14 percent. General Mills (NYSE:GIS) posted its quarterly earnings results on Wednesday. (c) Any amounts due to a Non-U.S. Change of Control 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'). (b) The Company's intent is to provide Non-U.S. The adjusted effective tax rate was 20.9 percent compared to 22.7 percent a year ago. “We are making clear progress in becoming a nimbler, more consumer-connected General Mills,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. 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 We have performed a comprehensive review of our lease portfolio, implemented lease accounting software, and developed a centralized business process with corresponding controls. This document sets forth the Separation Pay and Benefits Program for Officers (the 'Program') of General Mills, Inc. (the 'Company'). We believe that this measure provides useful information to investors because it is the operating profit measure we use to evaluate operating profit performance on a comparable year-to-year basis. General Mills' quarterly profit beat Wall Street expectations on Wednesday as the Cheerios maker benefited from higher demand for its pet foods, sending its shares up … (d) The CPW restructuring charges are related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019. Segment operating profit totaled $81 million compared to $14 million in the prior year, driven primarily by a $53 million one-time purchase accounting inventory adjustment in the year-ago period as well as higher net sales. — a mousse-like yogurt, Yoplait Nouriche — a meal replacement yogurt drink, and Yoplait Ultra — a yogurt with fewer carbohydrates than regular low-fat yogurt. Get the hottest stocks to trade every day before the market opens 100% free. 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%. Combined after-tax earnings from joint ventures totaled $22 million compared to $18 million a year ago, driven primarily by our $5 million after-tax share of a restructuring charge at CPW in the year-ago period. Operating Segment Results As used in this Plan A, the following words and phrases shall have the following respective meanings (unless the context clearly indicates otherwise): 2.18 Target Bonus. Adjusted effective income tax rates are calculated as follows: Impact of income tax adjustments on adjusted diluted EPS. Currency Basis. A press release, pre-recorded managem General Mills Separation Pay and Benefits Program for Officers. A reconciliation of total segment operating profit to the relevant GAAP measure, operating profit, is included in the Statements of Operating Segment Results. Number One General Mills Boulevard . … Net Sales Growth Rates for Canada Operating Unit on a Constant-currency Basis General Mills Inc. published this content on 18 March 2020 and is solely responsible for the information contained therein. 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. The Program serves as the umbrella document governing severance policies of the Company. To receive notifications via email, enter your email address and select at least one subscription below. General Mills manufactures and sells yogurt products, including Yoplait Original, Yoplait Light, Custard Style, Trix, Yumsters, Go-GURT — yogurt-in-a-tube, Yoplait Whips! The new standard also simplifies the application of hedge accounting guidance. 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. 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. General Mills Inc (GIS) Q2 2021 Earnings Call Transcript GIS earnings call for the period ending November 29, 2020. Diff. For purposes of description and example and not limitation, such offsetting amounts may be claims for severance pay, notice, notice pay, redundancy pay, redundancy notice, severance indemnity, end-of-service payments, wrongful or unfair dismissal awards/claims, discriminatory termination awards/claims, retaliatory termination ('victimization'), or other employment termination awards/claims. First-quarter net sales for the Asia & Latin America segment declined 10 percent to $360 million, driven by a 5-point headwind from divestitures executed in fiscal 2019, lower volume, and unfavorable foreign currency exchange, partially offset by benefits from net price realization and mix. MINNEAPOLIS--(BUSINESS WIRE)-- Also, certain measures in this release are presented on an adjusted basis. 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. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.87 by $0.13. SECURITIES AND EXCHANGE COMMISSION. Top 3 Takeaways From General Mills Quarterly Earnings Report. 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. Net earnings attributable to General Mills as reported, Mark-to-market effects, net of tax (b)(f), Acquisition integration costs, net of tax (b)(f), CPW restructuring charges, net of tax (e). The company reported $1.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.09, MarketWatch Earnings reports. The Company reserves the right to amend or terminate this Plan A by action of the Committee in accordance with the amendment and termination provisions set forth below. Form 10-Q General Mills Inc Quarterly report [Sections 13 or 15(d)] SEC.report. In particular, the requirements of Sections 4.1 and 4.2 must be satisfied by Non-U.S. Change of Control Participants. The company reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.69 by $0.14. 41-0274440 (State or other jurisdiction of (I.R.S. Net sales $ 4,364.0 $ 4,002.5. Profit on Constant-Currency II. The firm had revenue of $4.72 billion during the quarter, compared to analysts’ expectations of $4.64 billion. Your continued use of the Site after any changes are posted will be considered acceptance of those changes. GENERAL MILLS FISCAL 2019 FOURTH-QUARTER RESULTS. The reconciliation of our GAAP measure, diluted EPS, to adjusted diluted EPS and the related constant-currency growth rate follows: Adjusted diluted earnings per share growth, on a constant-currency basis. 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. 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. General Mills (NYSE: GIS) today reported results for the first quarter ended August 25, 2019. In addition, we recorded $9 million of integration costs related to the acquisition of Blue Buffalo in the first quarter of fiscal 2019. 10-Q. Adjusted Operating Profit Growth on a Constant-currency Basis (a) See Note 5. Cost of sales 2,773.6 2,613.0. Media : Other contacts: For media only: 763-764-6364 (Calls returned 8 a.m to 5 p.m. CT weekdays.) General Mills Inc. quarterly income statement. 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%. 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. Changes will be effective when notice of such change is posted. (b) The Company's intent is to provide Non-U.S. Change of Control Participants the same levels and amounts of benefits as other Change of Control Participants, but not more than other Change of Control Participants would be entitled to under the Plan. Total Segment Operating 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. 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. (a) See Note 6 for a reconciliation of these measures not defined by generally accepted accounting principles (GAAP). Constant-currency Segment Operating Profit Growth Rates It is further acknowledged that Non-U.S. 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. The Program was amended and restated generally effective as of January 1, 2020. It is acknowledged that certain Non-U.S. Change of Control Participants may be covered by laws outside the U.S., including national, provincial, and/or local laws, governing the employment relationship between said Change of Control Participants and the Company. 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. General Mills, Inc. engages in the manufacture and marketing of branded consumer foods sold through retail stores. A reconciliation of these measures to reported net sales growth rates, the relevant GAAP measures, are included in our Operating Segment Results above. Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. The snack and cereal giant had recently posted impressive growth thanks to a … General Mills had a return on equity of 28.46% […] Motley Fool Transcribers (MFTranscribers) Dec 17, … The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. Excluding the timing difference, net sales increased in the mid teens. Restructuring, impairment, and other exit costs 0.5 8.2. The firm's quarterly revenue was up 8.1% compared to the same quarter last year. Adjusted Effective Income Tax Rate General Mills (GIS) is set to report its second quarter fiscal 2020 results before the market opens on Wednesday, December 18. General Mills main: 763-764-7600 : Ask us about our food After submitting your information, you will receive an email. 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. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.09, MarketWatch Earnings reports. Investor Relations Department 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. First-quarter net sales results also compared against the strongest quarter of growth last year, when organic net sales were up 8 percent. The new standard amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities and financial reporting. Form 10-Q General Mills Inc Quarterly report [Sections 13 or 15(d)] SEC.report. 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. (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. 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