We believe that these measures provide useful information to investors because they are important for assessing our adjusted earnings comparisons as a percent of net sales on a comparable year-to-year basis. A significant increase in pound volume was partially offset by unfavorable net price realization and mix, which reflected the comparison against the year-ago period that included significant net sales growth for the premium-priced Wilderness sub-line as it was expanded to national distribution in the food, drug, and mass channels. See Note 6. Strong operator partnerships and innovation led to market share gains in measured channels in the first half of the year. (f) See reconciliation of adjusted effective income tax rate below for tax impact of each adjustment. (k) See reconciliation of adjusted effective income tax rate below for tax impact of adjustment. Gross margin increased 10 basis points to 35.2 percent of net sales. 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. The Pet segment experienced increased demand early in the fourth quarter from stock-up purchasing, which partially unwound by the end of the quarter. (c) Valuation adjustments of certain corporate investments in fiscal 2021. (a) See Note 6 for a reconciliation of these measures not defined by generally accepted accounting principles (GAAP). Revenue reports through the ‘corona year’ of 2020 show the value potential of oil and gas midstreaming. (d) Product recall costs related to our international Green Giant business. These forward-looking statements, including the statements under the caption “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. See Note 4. See Note 4. Adjustments to reconcile net earnings to net cash provided by operating activities: Distributions of earnings from joint ventures, Pension and other postretirement benefit plan contributions, Pension and other postretirement benefit plan costs, Restructuring, impairment, and other exit costs, Changes in current assets and liabilities, Net cash provided by operating activities, Purchases of land, buildings, and equipment, Proceeds from disposal of land, buildings, and equipment, Proceeds from common stock issued on exercised options, Distributions to noncontrolling and redeemable interest holders, Effect of exchange rate changes on cash and cash equivalents, Cash and cash equivalents - beginning of year, Cash and cash equivalents - end of period. Prepaid expenses and other current assets, Common stock, 754.6 shares issued, $0.10 par value, Common stock in treasury, at cost, shares of 144.8 and 152.7. General Mills Fiscal 2021 Q2 Logistics Press Release General Mills Fiscal 2021 Q2 Earnings Press Release (opens in new window) PDF 624 KB Q2 Presentation (opens in new window) PDF 2.58 MB Recording - Prepared Remarks (opens in new window) MP3 12.57 MB Transcript - Prepared Remarks (opens in new window) PDF 214 KB Organic net sales increased 3 percent, led by growth for Old El Paso Mexican food and Häagen-Dazs ice cream. See Note 4. Second-quarter net sales for the Convenience Stores & Foodservice segment declined 14 percent to $440 million, reflecting reduced away-from-home food demand related to the pandemic. (c) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. Adjusted operating profit of $3.0 billion increased 7 percent in constant currency, primarily driven by higher net sales, partially offset by higher SG&A expenses, including higher administrative and media expenses. (f) Valuation losses on certain corporate investments in fiscal 2020. While raising their price target to $10 from $1.60 to reflect the stock’s recent surge, they noted that GameStop is in “a weaker not a stronger place” and reiterated their underperform recommendation.“While it is difficult to know how much very high short interest and retail ownership could continue to put upward pressure on the shares, we think fundamentals will again factor into valuation,” analysts led by Curtis Nagle wrote in a note. Second-quarter net sales for Cereal Partners Worldwide (CPW) increased 7 percent in constant currency, and constant-currency net sales for Häagen-Dazs Japan (HDJ) were up 12 percent. Cash flow from changes in current assets and liabilities, excluding the effects of divestitures: Changes in current assets and liabilities, GENERAL MILLS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited). Organic net sales declined 29 percent. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. GameStop (GME) shares gained another 92% today to close at a record $147.98 a piece in another clash filled session between reddit WallStreetBets and short sellers. The adjusted effective tax rate was 22.3 percent compared to 21.9 percent a year ago. See Note 4. This guidance did not have a material impact on retained earnings, our Consolidated Statements of Earnings, or our Consolidated Statement of Cash Flows. Our adjusted operating profit growth on a constant-currency basis is calculated as follows: Adjusted operating profit growth, on a constant-currency basis. Pelosi could now have a conflict as she works to pass clean energy initiatives from which her family could profit. The 0.8 percentage point increase was primarily due to certain nonrecurring discrete tax benefits recorded in the second quarter of fiscal 2020, partially offset by changes in earnings mix by jurisdiction in fiscal 2021. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure. (l) CPW restructuring charges related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019. In the old days, starting in 1994 with Bill Bengen’s seminal study, financial advisers estimated how long your portfolio might last using historical returns and a safe withdrawal rate. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, as well as acquisitions, divestitures, and a 53rd week, when applicable, have on year-to-year comparability. (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. Analyst James Weston bumps this stock up from Neutral to Outperform (i.e. This measure is used in reporting to our Board of Directors and executive management. “So you can try to fight this as long as you want but at some point you just have to give in and just step to the sidelines.”The stock’s gains were fanned late Tuesday after Tesla Inc. chief Elon Musk tweeted a link to a Reddit thread about the company. The new standard amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities and financial reporting. Through six months, Europe & Australia net sales increased 8 percent to $958 million, including 4 points of favorable foreign currency exchange. (b) Discrete tax benefit related to a capital loss carryback. This measure is used in reporting to our executive management and as a component of the Board of Directors’ measurement of our performance for incentive compensation purposes. (To watch Jenkins’ track record, click here) Backing his stance, Jenkins writes, “Given the number of 'boxes' that the story for MPLX can check, it's no surprise that it's been a debate stock. Combined after-tax earnings from joint ventures increased 46 percent to $36 million, primarily driven by higher net sales at CPW and HDJ. certain items affecting comparability (a): Adjusted net earnings attributable to General Mills. Organic net sales increased 13 percent. Net sales increased 5 percent to $17.6 billion, including 2 points of growth from an extra week of results in this year’s fourth quarter and a 1-point headwind from unfavorable foreign currency exchange. The pre-recorded remarks and the webcast will be made available at www.generalmills.com/investors. See Note 5. We serve the world by making food people love, providing quality brands in more than 100 countries on six continents. This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheets. Adjusted Earnings Comparisons as a Percent of Net Sales. (a) See Note 7 for a reconciliation of these measures not defined by GAAP. Boeing reported a huge Q4 loss as the aerospace giant recorded $8.3 billion in charges and delayed the entry of its 777X jet. 49%. We recorded a $24 million net increase in expense related to mark-to-market valuations of certain commodity positions and grain inventories in the fourth quarter of fiscal 2020, compared to an immaterial amount in the fourth quarter of fiscal 2019. The company beat its fiscal 2020 deleverage target. (i) Costs related to the acquisition of Blue Buffalo. Buy). Through six months, North America Retail segment net sales increased 11 percent to $5.63 billion. General Mills Q2 Earnings & Sales Top Estimates, Up Y/Y General Mills released robust second-quarter fiscal 2021 results, with the top and the bottom lineincreasing year over year. Segment operating profit increased 23 percent to $135 million, primarily driven by higher volume, partially offset by unfavorable net price realization and mix and higher SG&A expenses. In addition, we recorded a $3 million loss related to the impact of hyperinflationary accounting for our Argentina subsidiary in fiscal 2019. ¹ Please see Note 6 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release. In the first quarter of fiscal 2021, we adopted new accounting requirements related to the measurement of credit losses on financial instruments, including trade receivables. (a) Discrete tax benefit related to the reorganization of certain wholly owned subsidiaries. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The adjusted effective tax rate was 20.7 percent compared to 21.8 percent a year ago, primarily driven by the mix of earnings by market. (g) Loss on the sale of our La Salteña refrigerated dough business in Argentina and gain on the sale of our yogurt business in China. Organic net sales increased 4 percent. We recorded $6 million of net gains related to valuation adjustments of certain corporate investments in the second quarter of fiscal 2021 compared to $13 million of net losses related to valuation adjustments and the loss on the sale of certain corporate investments in the second quarter of fiscal 2020. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances. In response to changing consumer and customer needs, General Mills has increased its agility and executed with excellence. Fiscal 2020 was a 53-week year, with the extra week falling in the fourth quarter. (b) Discrete tax benefit related to the reorganization of certain wholly owned subsidiaries in fiscal 2020 and a discrete tax benefit related to a capital loss carryback recorded in fiscal 2019. The website Downdetector reported disruptions to TD Ameritrade, Robinhood, E-trade, Charles Schwab, Fidelity Investments, Interactive Brokers and Vanguard, as well as the Reddit message board that has triggered much of the activity. Excluding mark-to-market valuation effects and other items affecting comparability, unallocated corporate items totaled $429 million net expense this year compared to $303 million net expense last year, primarily driven by compensation and benefits expenses. Second-quarter net sales for the Pet segment increased 18 percent to $460 million, including positive contributions from volume growth and favorable net price realization and mix. Mark-to-market effects, net of tax (b)(h), Investment activity, net, net of tax (e)(h), CPW restructuring charges, net of tax (f). Mexican. Net sales of $17.6 billion increased 5 percent from the prior year; organic net sales were up 4 percent. Restructuring, impairment, and other exit costs were insignificant in the quarter compared to a $1 million net recovery a year ago. (h) Impairment charges related to certain manufacturing assets in our North America Retail and Asia & Latin America segments. The Dow Jones Industrial Average dived more than 575 points Wednesday, as Apple earnings and Tesla earnings loomed. (f) Valuation adjustments and the loss on sale of certain corporate investments. See Note 5. But famed fund manager Michael Burry warned that the manic rally has gotten out of hand, calling the stock’s rise “unnatural, insane, and dangerous.”“That feels like the phase of the market we’re in right now, where things are going a little crazy and definitely divorced from fundamentals,” Taylor said.Another note of caution was provided Wednesday by Bank of America Corp. analysts. In London, shares of Cineworld Group Plc, another favorite among short sellers, jumped as much as 21%. Adjusted Diluted EPS and Related Constant-currency Growth Rates. Yogurt. (b) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. Segment operating profit of $337 million was down 20 percent, primarily driven by lower net sales. Note: Table may not foot due to rounding. (m) Net tax benefit resulting from TCJA accounting. Fiscal 2019 represented acquisition integration costs. This is another stock that gets an upgrade from Raymond James. Valuation gains on certain corporate investments in fiscal 2019. Fourth-quarter net sales for Cereal Partners Worldwide (CPW) increased 13 percent in constant currency, reflecting increased at-home food demand due to the COVID-19 pandemic. Impairment charges related to our Yoki, Mountain High, and Immaculate Baking brand intangible assets in fiscal 2018. Segment operating profit of $36 million was up 14 percent as reported and up 7 percent in constant currency, primarily driven by higher net sales, including favorable net price realization and mix and favorable foreign currency exchange, partially offset by higher media investment and higher input costs. View source version on businesswire.com: Adjusted Diluted EPS and Related Constant-currency Growth Rate. The content is intended to be used for informational purposes only. Due to first-half adjusted operating profit margin results that exceeded the company’s expectations, General Mills now expects its full-year fiscal 2021 adjusted operating profit margin will be in line or better than the previous year. The U.K. firm competes with AMC’s Odeon unit in Britain.AMC’s bonds also continued their tear along with the shares, reaching record highs and leading the U.S. high-yield market on Wednesday. Note: Table may not foot due to rounding. Lower consumer traffic and other virus-related restrictions negatively impacted the segment’s key away-from-home channels including restaurants, schools, lodging, and convenience stores. The options were bought at a stake price of $500 and expiration of March 18, 2022. Cash from operations totaled $3.7 billion, up 31 percent; free cash flow of $3.2 billion increased 42 percent. Restaurant bankruptcies continue to pile up. Adjusted operating profit margin increased 40 basis points to 17.7 percent. We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. For each of these non-GAAP financial measures, we are providing below a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, an explanation of why we believe the non-GAAP measure provides useful information to investors and any additional material purposes for which our management or Board of Directors uses the non-GAAP measure. See Note 3. Segment operating profit of $30 million was up 25 percent as reported and up 8 percent in constant currency, driven by higher net sales and favorable foreign currency exchange, partially offset by higher media and other SG&A expenses and higher input costs. The recently declared 4Q20 dividend is the fourth in a row at 39 cents per common share. Valuation gains on certain corporate investments in fiscal 2019. In fiscal 2019, we recorded a $16 million gain from a legal recovery related to our Yoplait SAS subsidiary and $26 million of integration costs related to our acquisition of Blue Buffalo. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: the impact of the COVID-19 pandemic on our business, suppliers, consumers, customers, and employees; disruptions or inefficiencies in the supply chain, including any impact of the COVID-19 pandemic; 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; 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; 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. Its stock only rose by ~1% and closed at $57.13 on September 22, 2015. Segment operating profit increased 15 percent to $2.63 billion, primarily driven by higher volume, partially offset by higher SG&A expenses, including higher media investment. The unavailable information could have a significant impact on our fiscal 2021 GAAP financial results. 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. We believe this measure provides useful information to investors because it presents the adjusted effective tax rate on a comparable year-to-year basis. The company estimates that changes in consumer behavior resulting from COVID-19 increased full-year net sales growth by approximately 3 percentage points. Lower away-from-home food demand reduced growth for the Convenience Stores & Foodservice and Asia & Latin America segments. Adjusted Operating Profit Growth on a Constant-currency Basis. Our adjusted effective tax rate was 19.1 percent in the fourth quarter of fiscal 2020 compared to 20.6 percent in the fourth quarter of fiscal 2019 (see Note 7 below for a description of our use of measures not defined by GAAP). (i) Represents a legal recovery related to our Yoplait SAS subsidiary. Should you use a Monte Carlo simulation to determine if your retirement savings will last. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances. The stock has been trimming gains since then, triggering at least four trading halts for volatility. (e) Valuation adjustments and the loss on sale of certain corporate investments. 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. 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. See Note 4. View source version on businesswire.com: https://www.businesswire.com/news/home/20200701005465/en/. A reconciliation of total segment operating profit to the relevant GAAP measure, operating profit, is included in the Statements of Operating Segment Results. Organic net sales were down 7 percent, with declines in Asia partially offset by growth in Latin America. 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. "I’m proud of the way our organization has remained focused on serving the needs of our consumers and communities while protecting the health and safety of our employees throughout the COVID-19 pandemic," said General Mills Chairman and Chief Executive Officer Jeff Harmening. Capital investments totaled $461 million compared to $538 million a year ago. Unallocated corporate items totaled $48 million net expense in the second quarter of fiscal 2021, compared to $84 million net expense a year ago. See Note 4. General Mills expects that the COVID-19 pandemic will drive continued elevated consumer demand for food at home, relative to pre-pandemic levels, through the remainder of fiscal 2021. (e) Restructuring and project-related charges for previously announced restructuring actions. The Committee monitors and analyzes tax, fiscal and HR policies to determine their impact on the construction industry. Jenkins outlined a series of points leading to a midstream recovery in 2021, which include the shift from ‘lockdown’ to ‘reopen’ policies; a general boost on the way for commodities, as the economy picks up; a political point, that some of DC’s more traditional centrists are unlikely to vote in favor of anti-oil, Green New Deal policies; and finally, with stock values relatively low, the dividend yields are high. The Justice Department investigated Perdue and found no wrongdoing. Drive efficiency to fuel investment. Cash provided by operating activities decreased 2 percent to $1.43 billion through six months of fiscal 2021, primarily driven by changes in inventory, non-cash items in net earnings, and the timing of accounts payable, partially offset by higher net earnings. Diluted earnings per share (EPS) of $1.02 were up 9 percent; adjusted diluted EPS of $1.10 increased 33 percent in constant currency. See Note 5. (d) Product recall costs related to our international Green Giant business. Segment operating profit increased 9 percent to $702 million, primarily driven by higher volume and fixed cost leverage in the supply chain, partially offset by higher operational costs to service demand, the comparison to the prior-year period that included a timing-related manufacturing benefit, and higher media and other SG&A expenses. (See DCP stock analysis on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. With excellence of 53 weeks, while setting a $ 24 target price imply... ’ share of non-consolidated joint venture net sales were down 2 percent, reflecting a strong in. Except per share growth includes the impact of foreign currency exchange ( constant-currency ) million charge related to international! 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