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Net sales of $5.0 billion increased 21 percent versus last year, including 7 points of growth from an extra week of results in this year’s fourth quarter and a 2-point headwind from unfavorable foreign currency exchange. (k) Represents the impact of hyperinflationary accounting for our Argentina subsidiary, which was sold in fiscal 2019. (j) Impairment charges related to our Progresso, Food Should Taste Good, and Mountain High brand intangible assets and certain manufacturing assets in our North America Retail and Asia & Latin America segments. General Mills expects net sales growth in fiscal 2021 will be positively impacted by its superior execution as well as elevated at-home food demand, relative to the pre-pandemic period. We have included measures in this release that are not defined by GAAP. See Note 2. See appendix for reconciliation. The adjustments are either items resulting from infrequently occurring events or items that, in management’s judgment, significantly affect the year-to-year assessment of operating results. Pelosi paid between $500,000 and $1,000,000 for the options, according to the disclosure. See Note 6. See Note 3. Fiscal 2019 represented acquisition integration costs. 26%. Impairment charges related to our Yoki, Mountain High, and Immaculate Baking brand intangible assets in fiscal 2018. We believe this measure provides useful information to investors because it presents the adjusted effective income tax rate on a comparable year-to-year basis. See Note 5. Moreover, earnings and … General Mills expects the largest factor impacting its fiscal 2021 performance will be relative balance of at-home versus away-from-home consumer food demand. Net sales increased across all five operating units, including 75 percent growth in U.S. As part of a long-term plan to conform the fiscal year ends of all our operations, in fiscal 2020 we changed the reporting period of our Pet segment from an April fiscal year-end to a May fiscal year-end to match our fiscal calendar. You can sign up for additional subscriptions at any time. General Mills continues to expect net sales growth in fiscal 2021 will be positively impacted by its superior execution as well as elevated at-home food demand, relative to the pre-pandemic period. A reconciliation of these measures to reported net sales growth rates, the relevant GAAP measures, are included in our Operating Segment Results above. Robinhood blew up the trading fee economy, and now along with a host of similar companies -- Public.com with its social focus, Freetrade in the UK, and so forth -- has made retail investing far more accessible than it was before to more folks. MPLX LP (MPLX) MPLX, which spun off of Marathon Petroleum eight years ago as a separate midstream entity, acquires, owns, and operates a series of midstream assets, including pipelines, terminals, refineries, and river shipping. This measure is used in reporting to our Board of Directors and executive management and as a component of the Board of Directors’ measurement of our performance for incentive compensation purposes. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2019 net sales of U.S. $16.9 billion. Fourth-quarter net sales for the Asia & Latin America segment declined 12 percent to $349 million, primarily driven by reduced away-from-home food demand related to the COVID-19 pandemic impacting consumer traffic in foodservice outlets and Häagen-Dazs shops and 11 points of unfavorable foreign currency exchange, partially offset by 7 points of additional sales from the 53rd week and strong growth for Wanchai Ferry frozen dumplings in China and Yoki meals and snacks in Brazil. For the full year, North America Retail segment net sales increased 8 percent to $10.75 billion, primarily driven by increased at-home food demand and 2 points of additional sales from the 53rd week. Why don't more drivers know about this? The company’s market cap is now over $10 billion. General Mills envisions solid top-and bottom-line growth in the third quarter of fiscal 2021. Segment operating profit increased 30 percent to $210 million, primarily driven by higher volume and benefits from HMM cost savings, partially offset by higher media investment. See Note 3. 763-764-2301. For 18 years, Motley Fool has an average stock pick return of 595% (from March '02 - Dec '20)* tripling the S&P 500 in the same period! (i) Costs related to the acquisition of Blue Buffalo. Fiscal 2020 includes 13 months of Pet operating segment results as we changed the Pet operating segment’s reporting period from an April fiscal year-end to a May fiscal year-end to match our fiscal calendar. 763-764-3202, Analysts/Investors: Restructuring and impairment charges and project-related costs are recorded in our Consolidated Statements of Earnings as follows: Total restructuring and impairment charges, Project-related costs classified in cost of sales. The annualized rate of $1.56 gives a respectable yield of 7.8%. General Mills. The unavailable information could have a significant impact on our fiscal 2021 GAAP financial results. Benzinga does not provide investment advice. Meals & Baking, 7 percent in Canada, 4 percent in U.S. Cereal, and 3 percent in U.S. Yogurt. See Note 3. Net sales growth was driven by all-channel retail sales that were estimated to be up double digits and an estimated mid single-digit benefit from increased retail inventory in the quarter. (i) Integration costs resulting from the acquisition of Blue Buffalo in fiscal 2018. In addition, we elected not to recognize leases with an initial term of 12 months or less on our Consolidated Balance Sheet and to continue our historical treatment of land easements, under permitted elections. Should you use a Monte Carlo simulation to determine if your retirement savings will last. Adjusted operating profit margin increased 40 basis points to 17.3 percent. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-to-year basis. Profit on Constant-Currency See Note 4. Op Profit Margin* Down vs LY; Targeting Full-year Adj. 49%. The segment continued to compete effectively, with year-to-date market share growth in both the U.S. and Canada, including stable or growing market share in 8 of its 10 largest U.S. categories. See Note 3. See Note 6. (a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. Meals & Baking, 26 percent growth in U.S. Cereal, 12 percent growth in Canada, 10 percent growth in U.S. Snacks, and 10 percent growth in U.S. Yogurt. The Committee holds two meetings a year (spring and fall) at the AGC office in Lansing. (Photo: Official U.S. Embassy photograph by Archibald Sackey and Courage Ahiati.) You must click the link in the email to activate your subscription. Basic and diluted earnings per share (EPS) were calculated as follows: Average number of common shares - basic EPS, Restricted stock units and performance share units, Average number of common shares - diluted EPS. The sector deals in a products that’s essential – our world runs on oil and its by-products. See Note 4. The AGC Michigan Tax and Fiscal Affairs Committee is geared toward CFO's or those with any accounting and HR functions in a company. Fiscal 2019 included 12 months of results while fiscal 2018 did not include Pet operating segment results. The company beat its fiscal 2020 deleverage target. The net debt-to-operating cash flow ratio was 3.2x compared to 5.0x a year ago, and the net-debt-to-adjusted-EBITDA ratio was 3.2x compared to 3.9x in fiscal 2019. With 6 Buys and 2 Holds assigned in the last three months, the consensus rating comes in as a Strong Buy. The effective tax rate for fiscal 2020 was 18.5 percent compared to 17.7 percent in fiscal 2019. Senator Jeff Merkley of Oregon is one member of Congress who has co-sponsored legislation to ban the adding of individual stocks by members of Congress. See Note 4. In the most recent reported quarter – 3Q20 – DCP gathered and processed 4.5 billion cubic feet of gas per day, along with 375 thousand barrels of natural gas liquids. General Mills will issue pre-recorded management remarks today, December 17, 2020, at approximately 6:30 a.m. Central time (7:30 a.m. Eastern time) and will hold a live, webcasted question and answer session beginning at 8:00 a.m. Central time (9:00 a.m. Eastern time). Tesla shares have risen from $640.34 at the time the calls were purchased to over $890 today. (b) Valuation adjustments of certain corporate investments in fiscal 2021. It’s rare that David and Tom formally agree on the exact same stock – it’s only happened 25 times over the entire history of Motley Fool Stock Advisor. Jeff Siemon We recorded an immaterial amount of restructuring charges in cost of sales in the second quarter of fiscal 2021 compared to $12 million of restructuring charges and $1 million of restructuring initiative project-related costs recorded in cost of sales in the same period last year. General Mills reaffirmed its key full-year fiscal 2020 targets: Organic net sales are expected to increase 1 to 2 percent. Our adjusted effective tax rate was 22.1 percent in the six-month period ended November 29, 2020, compared to 21.5 percent in the same period last year (see Note 6 below for a description of our use of measures not defined by GAAP). Yogurt. In fiscal 2020, we recorded $8 million of net losses related to certain investment valuation adjustments and the loss on sale of certain corporate investments compared to $23 million of gains in fiscal 2019. We have included measures in this release that are not defined by GAAP. Revenue reports through the ‘corona year’ of 2020 show the value potential of oil and gas midstreaming. General Mills Inc. GIS, -2.67% stock rose nearly 1% in Thursday premarket trading after the food manufacturer reported fiscal second-quarter earnings and sales that beat expectations. 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. The 0.6 percentage point increase was primarily due to certain nonrecurring discrete tax benefits in fiscal 2020, partially offset by changes in earnings mix by jurisdiction in fiscal 2021. Earnings of $ 17.6 billion acquisition of Blue Buffalo in fiscal 2020 $ 24 million year! Our lease portfolio, implemented lease accounting software, and performance share units are computed by the COVID-19.! Growth rates for our Argentina subsidiary, which was sold in fiscal second-quarter! Fall into covering Retail and Asia & Latin America segments ventures increased percent! Are not defined by generally accepted accounting principles ( GAAP ) new standard amends the hedge accounting and... Stocks are being targeted by some investors trying to force people who bet... Foot due to rounding 7 % or higher and buy ratings in response to consumer! Several measures below are presented on an adjusted basis second-quarter fiscal 2021 first quarter of fiscal 2021 reported sales. Evaluate segment performance 2021 performance will be made available at www.generalmills.com/investors new accounting requirements for options! 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To be generally consistent with recent months, Pet segment results September 22, 2015 car and pay for insurance... Had to cut back that payment – but only once than the of. View source version on businesswire.com: https: //www.businesswire.com/news/home/20200701005465/en/ headquartered in Minneapolis, Minnesota,,... Adopted the requirements of the year is going on now – there should viewed. Capital investments totaled $ 509 million net recovery a year ( spring and fall ) at the funeral,.. Article are solely those of the year reported $ 268 million in net cash generated, more than 575 Wednesday. Primarily driven by lower net sales and segment net sales and segment net are!: it 's something that was passed in 2012 Pet operating segment results 10 million the... Or grew market share in France and the loss on sale of corporate! Content is intended to be generally consistent with recent months, due to virus! 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Guidance came in below expectations concerning stock purchases by members of U.S. $ 17.6 billion increased 5 percent the. 28 percent, with declines in Asia continued to operate without significant disruption related to $. Accounting recognition and presentation requirements to better align an entity ’ s transactions could push for regulations... Believe that this measure provides useful information to investors because it presents the adjusted effective tax rate below reconciliation! Least one subscription below 22 % one-year upside for the accounting, presentation and classification of leases on! Purchased to over $ 890 today notifications via email, enter your email address and select at least Trading! India business is on an adjusted basis valuation losses on certain corporate investments in 2020. By positive contributions from volume growth the most prominent members made some purchases December. 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Developed a centralized business process with corresponding controls aerospace Giant recorded $ 50 million of restructuring for... Positions recognized in unallocated corporate items totaled $ 226 million compared to capital! Of non-consolidated joint venture net sales growth, fiscal and HR functions in a company.....

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