The General Mills Board of Directors has declared a quarterly dividend at the prevailing rate of $0.51 per share, payable May 3, 2021, to shareholders of record as of April 9, 2021. The current quarterly dividend rate represents a 4 percent increase from the $0.49 per share rate paid a year ago. Net sales growth rates for our Canada operating unit on a constant-currency basis are calculated as follows: Percentage Change in We believe that these constant-currency measures provide useful information to investors because they provide transparency to underlying performance by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given volatility in foreign currency exchange markets. For purposes of this Section 4.2(b)(ii), no act or failure to act, on the part of the Change of Control Participant, shall be considered 'willful' unless it is done, or omitted to be done, by the Change of Control Participant in bad faith or without reasonable belief that the Change of Control Participant's action or omission was in the best interests of the Company. General Mills hit an impressive level of … The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances. Number One General Mills Boulevard . You must click the link in the email to activate your subscription. General Mills Inc. (NYSE:GIS) went up by 3.45% from its latest closing price compared to the recent 1-year high of $66.14. Washington, … (a) See Note 5. Sales in that period totaled $4.00 billion. 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. Cash Flow from changes in current assets and liabilities: GENERAL MILLS, INC. AND SUBSIDIARIES 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. 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. Investors had some big questions heading into General Mills' () fiscal 2021 second-quarter earnings report. General Mills, Inc. GIS released robust second-quarter fiscal 2021 results, with the top and the bottom line increasing year over year. Image source: Getty Images. Pet Segment General Mills reaffirmed its key full-year fiscal 2020 targets: General Mills will hold a briefing for investors today, September 18, 2019, beginning at 7:30 a.m. Central time (8:30 a.m. Eastern time). (b) See Note 3. This measure is used in reporting to our Board of Directors and executive management and as a component of the measurement of our performance for incentive compensation purposes. 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. GIS General Mills 10-Q 2020 2021 Q1 Quarterly report. General Mills is typically the first U.S. packaged food company to issue a quarterly report, and its results often set the tone for the rest of the industry. (b) The Company's intent is to provide Non-U.S. (a) Net sales less cost of sales. First-quarter retail sales were flat in U.S. Nielsen-measured outlets. General Mills, Inc. is estimated to report earnings on 03/17/2021. After submitting your information, you will receive an email. As used in this Plan B, the following words and phrases shall have the following respective meanings (unless the context clearly indicates otherwise): (a) The intent of this Plan B is to cover Company employees who come within the definition of Change of Control Participant whether or not their primary place of employment is in the United States. General Mills had a net margin of 12.78% and a return on equity of 28.46%. 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. (2) Restructuring charges and project-related costs are recorded in our Consolidated Statements of Earnings as follows: Restructuring, impairment, and other exit costs (recoveries), Project-related costs classified in cost of sales. Note: Table may not foot due to rounding. (f) See reconciliation of effective income tax rate excluding certain items affecting comparability below for tax impact of adjustment. 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 Employer. Vice President Investor Relations 23 Sep 20 Files SEC. Cash Flow Generation and Cash Returns Convenience Stores & Foodservice Segment (a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. For purposes of this Section 4.2(a) of this Plan B, (x) a Change of Control Participant's ability to terminate employment for Good Reason shall be conditioned on the Change of Control Participant providing notice of the event or action giving rise to the right to terminate for Good Reason within 30 days of becoming aware of such event or action and the Company's failing to cure such event or action, if curable, within 30 days of receipt of such notice, (y) any good faith determination of 'Good Reason' made by the Change of Control Participant shall be conclusive, and (z) a Change of Control Participant's mental or physical incapacity following the occurrence of an event described above in clauses (A) through (F) of Section 4.2(a)(ii) shall not affect such Change of Control Participant's ability to terminate employment for Good Reason. Note: Tables may not foot due to rounding. It is acknowledged that certain Non-U.S. Distributed by Public, unedited and unaltered, on 18 March 2020 20:27:18 UTC General Mills (GIS) is set to report its second quarter fiscal 2020 results before the market opens on Wednesday, December 18. Adjusted Diluted EPS and Related Constant-currency Growth Rate 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. GENERAL MILLS FISCAL 2019 FOURTH-QUARTER RESULTS. General Mills (NYSE: GIS) today reported results for the first quarter ended August 25, 2019. Our segments’ operating profit growth rates on a constant-currency basis are calculated as follows: Percentage Change in See accompanying notes to consolidated financial statements. (Reuters) - General Mills Inc (N: GIS) beat quarterly sales estimates on Wednesday, as people stuck at home due to the COVID-19 pandemic stocked up on its baking products and cereals. (e) The provisions of this Section are in addition to the other terms and conditions of the Plan. This document sets forth the Separation Pay and Benefits Program for Officers (the 'Program') of General Mills, Inc. (the 'Company'). Operating profit 853.7 662.4 Also, certain measures in this release are presented on an adjusted basis. General Mills, Inc. (GIS) latest earnings report: revenue, EPS, surprise, history, news and analysis. The unavailable information could have a significant impact on our fiscal 2020 GAAP financial results. Our adjusted operating profit growth on a constant-currency basis is calculated as follows: Adjusted operating profit growth, on a constant-currency basis. Restructuring, impairment, and other exit costs totaled $8 million in the quarter compared to a $1 million net recovery a year ago. The snack and cereal giant had recently posted impressive growth thanks to a … MINNEAPOLIS--(BUSINESS WIRE)-- Pet parent takeaway accelerated in the quarter, with all-channel retail sales up low double digits. https://www.businesswire.com/news/home/20190918005448/en/, General Shareholder Information: 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. 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. 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. The adjusted effective tax rate was 20.9 percent compared to 22.7 percent a year ago. 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. (c) See Note 2. 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. To receive notifications via email, enter your email address and select at least one subscription below. The company reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.69 by $0.14. 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. Aug. 25, 2019. Quarter net earnings per share of $1.11 an increase by 16.84 % year on year from $0.95 and an improvement of 7.77 % from $1.03 realized in I. In the first quarter of fiscal 2019, we recorded $1 million of restructuring initiative project-related costs in cost of sales. (d) If, for any reason, the Offset is not possible, or if any non-U.S. laws or any individual or collective agreement would require the Company to pay or provide benefits or coverages greater than an amount otherwise due under this Plan, or if any non-U.S. laws, or any individual or collective agreement would prevent any Non-U.S. First-quarter net sales for the Pet segment increased 7 percent to $368 million, driven by positive contributions from volume growth and positive net price realization and mix, partially offset by the comparison to an extra week of results in last year’s first quarter related to acquisition timing. Segment operating profit as a % of net sales: Prepaid expenses and other current assets, Common stock, 754.6 shares issued, $0.10 par value, Common stock in treasury, at cost, shares of 150.5, 158.5 and 152.7, Net earnings, including earnings attributable to redeemable, Adjustments to reconcile net earnings to net cash, Distributions of earnings from joint ventures, Pension and other postretirement benefit plan contributions, Pension and other postretirement benefit plan 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. 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