NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The snack and cereal giant had recently posted impressive growth thanks to a … Europe & Australia Segment 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. Employer. 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 FISCAL 2019 FOURTH-QUARTER RESULTS. Investors had some big questions heading into General Mills' () fiscal 2021 second-quarter earnings report. Acquisition transaction and integration costs. These forward-looking statements, including the statements under the caption “Fiscal 2020 Outlook,” and statements made by Mr. Harmening, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Constant-currency net sales for Häagen-Dazs Japan (HDJ) increased 6 percent, driven largely by growth in core mini-cups. (d) See Note 5. 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%. 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). GENERAL MILLS, INC. AND SUBSIDIARIES (Unaudited) (In Millions, Except per Share Data) Quarter Ended . Adjusted Operating Profit Growth on a Constant-currency Basis Restructuring, impairment, and other exit costs 0.5 8.2. In addition, we recorded $9 million of integration costs related to the acquisition of Blue Buffalo in the first quarter of fiscal 2019. Reported, Percentage Change in General Mills (NYSE:GIS) releases its next round of earnings this Thursday, December 17.Here is Benzinga's essential guide to General Mills's Q2 earnings report… Form 10-Q General Mills Inc Quarterly report [Sections 13 or 15(d)] SEC.report. General Mills Inc. - Get Report posted stronger-than-expected second quarter earnings Wednesday, and re-affirmed its full-year profit guidance, as … (5) The effective tax rate for the first quarter of fiscal 2020 was 11.7 percent compared to 22.6 percent for the first quarter of fiscal 2019. 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. Washington, … Net interest expense totaled $119 million in the first quarter compared to $134 million a year ago, driven by lower average debt balances and rates. 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. Get the hottest stocks to trade every day before the market opens 100% free. The amount of money a Participant would be paid under the Company's Incentive Plan at the 'target' level for the fiscal year in which an involuntary termination occurs. Adjusted Diluted EPS and Related Constant-currency Growth Rate SECURITIES AND EXCHANGE COMMISSION. 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. General Mills (NYSE:GIS) posted its quarterly earnings data on Wednesday. The adjusted effective tax rate was 20.9 percent compared to 22.7 percent a year ago. 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. Any act, or failure to act, based upon authority (A) given pursuant to a resolution duly adopted by the Board, or if the Company is not the ultimate parent corporation of the Company and its Affiliates and is not publicly traded, the board of directors of the ultimate parent of the Company (the 'Applicable Board'), (B) except with respect to an act or failure to act of the Chief Executive Officer, upon the instructions of the Chief Executive Officer of the Company or a senior officer of the Company who is senior to. Operating Profit Regs. The business had revenue of $4.72 billion during the […] 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. Meals & Baking unit declined 1 percent, and constant-currency net sales in Canada were also down 1 percent. 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 … Motley Fool Transcribers (MFTranscribers) Dec 17, … Note: Table may not foot due to rounding. Changes will be effective when notice of such change is posted. — a mousse-like yogurt, Yoplait Nouriche — a meal replacement yogurt drink, and Yoplait Ultra — a yogurt with fewer carbohydrates than regular low-fat yogurt. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances. GENERAL MILLS INC. Form 10-Q (Filer) Published: 2019-12-18 16:31:08 Submitted: 2019-12-18 Filing Agent: DONNELLEY FINANCIAL SOLUTIONS /FA/ Period Ending In: 2019-11-24 Interactive XBRL Filing. 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. The Program supersedes any severance plans, policies and/or practices with respect to Participants (as defined in Plan A) and Change of Control Participants (as defined in Plan B). 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, 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%. General Mills, Inc. (GIS Quick Quote GIS - Free Report) released robust second-quarter fiscal 2021 results, with the top and the bottom line increasing … (4) Basic and diluted earnings per share (EPS) were calculated as follows: Average number of common shares - basic EPS, Restricted stock, restricted stock units, and other, Average number of common shares - diluted EPS. Let's look at the metrics to watch in the company's earnings report. Total Segment Operating 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. General Mills (NYSE:GIS) issued its earnings results on Wednesday. Dividends paid totaled $298 million. (a) See Note 5. “On the bottom line, we delivered profit and earnings growth ahead of our expectations while continuing to invest in our brands and capabilities. … (e) The CPW restructuring charges are related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019. The company reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.69 by $0.14. 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. In particular, the requirements of Sections 4.1 and 4.2 must be satisfied by Non-U.S. 41-0274440 (State or other jurisdiction of (I.R.S. General Mills (NYSE:GIS) last issued its earnings results on Wednesday, September 23rd. ) increased 6 percent, driven largely by growth in core mini-cups Public, unedited and unaltered, a! 5 p.m. CT weekdays general mills quarterly report $ 6 million of restructuring initiative project-related costs in cost of sales during first... 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