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Disclaimer: The opinions expressed in this article are solely those of the featured analysts. See Note 6. 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. (b) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. Adjusted effective income tax rates are calculated as follows: Acquisition transaction and integration costs (i), Impact of income tax adjustments on adjusted diluted EPS. Category. certain items affecting comparability (a): Adjusted net earnings attributable to General Mills. Adjusted Operating Profit Growth on a Constant-currency Basis. 15%. In the first quarter of fiscal 2020, we adopted new requirements for the accounting, presentation and classification of leases. We have included measures in this release that are not defined by GAAP. DCP controls a network of gas pipelines, hubs, storage facilities, and plants stretching between the Rocky Mountain, Midcontinent, and Permian Basin production areas and the Gulf Coast of Texas and Louisiana. Operating profit of $830 million increased 16 percent; constant-currency adjusted operating profit was up 24 percent. Capital investments totaled $461 million compared to $538 million a year ago. Highly shorted stocks are being targeted by some investors trying to force people who have bet the prices will fall into covering. The company recorded $30 million, net, in pre-tax losses on divestitures in fiscal 2019 (please see Note 2 below for more information on these charges). Fiscal 2019 represented acquisition integration costs. Adjusted comparisons as a % of net sales (a): Adjusted net earnings attributable to General Mills. Valuation adjustments and the loss on sale of certain corporate investments. Cash from operations totaled $3.7 billion, up 31 percent; free cash flow of $3.2 billion increased 42 percent. The company previously expected its full-year adjusted operating profit margin to be approximately in line with fiscal 2020 levels. Because the magnitude and duration of elevated at-home food demand remains highly uncertain, the company is not currently providing a full-year outlook for fiscal 2021 growth in organic net sales, adjusted operating profit, and adjusted diluted EPS. 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. The company reduced its debt load by $156 million in the quarter, and showed a 17% reduction in operating costs year-over-year. See Note 3. Note: Tables may not foot due to rounding. An insignificant amount of restructuring charges was recorded in cost of sales this year compared to $12 million a year ago (please see Note 2 below for more information on these charges). Valuation adjustments and the loss on sale of certain corporate investments in fiscal 2020. His price target, at $28, implies a 22% one-year upside for the shares. Adjusted Operating Profit Growth on a Constant-currency Basis. Organic net sales increased 13 percent. Based on that assumption, the company expects to generate continued strong top- and bottom-line growth in the third quarter of fiscal 2021, with organic net sales growth roughly similar to the second quarter’s growth rate and an adjusted operating profit margin in line with the year-ago period. The effective tax rate for the fourth quarter of fiscal 2020 was 19.0 percent compared to 8.9 percent for the fourth quarter of fiscal 2019. The company is off to a solid start this fiscal year, and reaffirmed that it’s on track to achieve key financial targets for the full fiscal … Adjusted operating profit margin increased 40 basis points to 17.3 percent. View source version on businesswire.com: General Mills, Inc. (NYSE: GIS) plans to report results for its fiscal 2020 fourth quarter and full year on Wednesday, July 1, 2020. See accompanying notes to consolidated financial statements. 1-800-245-5703 or If you currently drive a car and pay for auto insurance you better read this. Reduce leverage to increase financial flexibility. AT&T stock wavered as 2021 revenue guidance came in below expectations. See Note 3. Restructuring, impairment, and other exit costs were insignificant in the quarter compared to a $1 million net recovery a year ago. (d) Restructuring charges for previously announced restructuring actions. 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). We recorded $19 million of net gains related to certain investment valuation adjustments in the six-month period ended November 29, 2020, compared to $4 million of net losses and the loss on sale of certain corporate investments in the same period last year. See Note 3. Shares are priced at $19.58 and the average target of $23 suggests an upside of ~15% from that level. Basis. Segment operating profit of $337 million was down 20 percent, primarily driven by lower net sales. (h) 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. Frankly, I’m surprised they didn’t close much lower than here.”The epic short squeeze has set off a search for other companies that might be similarly vulnerable, with Express Inc., Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. among stocks surging on Wednesday.“The thing about these manias is there’s always enough people who make 600% or 1,000% and tell everybody about it that everybody gets excited about it,” said Anne Stevenson-Yang. Fiscal 2019 included 12 months of results while fiscal 2018 did not include Pet operating segment results. (f) See reconciliation of adjusted effective income tax rate below for tax impact of each adjustment. With exposure to inflecting G&P trends, an expected refining/refined product volume recovery, the story hits many operational boxes - while also straddling several financial debates… We also think solid 2020 financial results should give longer-term confidence…” Turning now to the rest of the Street, it appears that other analysts are generally on the same page. Impairment charges related to our Yoki, Mountain High, and Immaculate Baking brand intangible assets in fiscal 2018. (f) Loss on the sale of our La Salteña refrigerated dough business in Argentina and gain on the sale of our yogurt business in China. “[We] expect DCP to post yet another solid quarter on sequential improvements in NGL prices, NGL market volatility, and positive upstream trends… we are not capitalizing current propane prices and anticipate a solid, but more normalized pricing regime over the next 12-18 months. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2020 net sales of U.S. $17.6 billion. 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. 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. (g) Net tax benefit resulting from Tax Cuts and Jobs Act (TCJA) accounting. Operating profit margin of 16.8 percent was up 190 basis points. Senator David Perdue, a Republican, was criticized for making numerous stock trades during his six years in Congress. The reconciliation of our GAAP measure, diluted EPS, to adjusted diluted EPS and the related constant-currency growth rates follows: Adjusted diluted earnings per share growth, on a constant-currency basis. See Note 5. 49%. Impairment charges related to our Yoki, Mountain High, and Immaculate Baking brand intangible assets in fiscal 2018. We also recorded a $7 million charge related to a product recall in our international Green Giant business in the six-month period ended November 29, 2020. 26%. The COVID-19 pandemic has had a profound impact on consumer demand across the company’s major markets, including driving an unprecedented increase in demand for food at home and a corresponding decrease in away-from-home food demand resulting from efforts to reduce virus transmission. (e) CPW restructuring charges related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019. Net sales increased 18 percent in U.S. (d) Product recall costs related to our international Green Giant business. In addition, we recorded $2 million of restructuring charges in cost of sales in the fourth quarter of fiscal 2020 compared to $10 million of restructuring charges in the fourth quarter of fiscal 2019. (g) Discrete tax benefit related to the reorganization of certain wholly owned subsidiaries. Fourth-quarter net sales growth includes the impact of elevated consumer demand driven by the COVID-19 pandemic. See Note 3. (a) Discrete tax benefit related to the reorganization of certain wholly owned subsidiaries. For those unfamiliar, Bengen’s research left us with the 4% rule, which is considered (rightly or wrongly) the holy grail of retirement planning in some circles. “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. This balance will be determined by factors such as consumers’ ability and willingness to eat in restaurants, the proportion of people working from home, the reopening of schools, and changes in consumers’ income levels. Disruptions were reported at several major retail brokerages Wednesday morning, following the speculative surge of interest in companies including GameStop and AMC Entertainment , as well as a big drop in the major stock-market indexes including the S&P 500 . GENERAL MILLS, INC. company earnings calendar and analyst expectations - Upcoming and past events | Nyse: GIS | Nyse ... GENERAL MILLS: to Webcast Fiscal 2021 Second Quarter Earnings Results on December 17, 2020: BU. Net sales of $17.6 billion increased 5 percent from the prior year; organic net sales were up 4 percent. (Photo: Official U.S. Embassy photograph by Archibald Sackey and Courage Ahiati.) The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances. The 0.8 percentage point increase was primarily due to certain nonrecurring discrete tax benefits in fiscal 2019, partially offset by the $53 million net benefit from the reorganization of certain wholly-owned subsidiaries and favorable changes in earnings mix by jurisdiction in fiscal 2020. (d) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. (h) Gain on the sale of our yogurt business in China. Organic net sales increased 4 percent, reflecting positive organic pound volume and favorable organic net price realization and mix. Biden's push for electric vehicles, which could include lifting the cap on sales, would give buyers tax credits again and is advantageous for Tesla. Fourth-quarter net sales for the Convenience Stores & Foodservice segment declined 24 percent to $393 million, reflecting significantly reduced away-from-home food demand related to the COVID-19 pandemic, partially offset by 4 points of additional sales from the 53rd week. See Note 6. Certain measures in this release are presented excluding the impact of foreign currency exchange (constant-currency). These forward-looking statements, including the statements under the caption "Fiscal 2021 Outlook and Priorities," 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. 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, acquisitions, divestitures, and a 53rd week, when applicable, have on year-to-year comparability. See Note 6. Elevated at-home food demand stemming from the pandemic resulted in strong net sales growth for Yoki meals and snacks and Kitano seasonings in Brazil, Wanchai Ferry frozen dumplings in China, and Betty Crocker dessert mixes in the Middle East. Note: Table may not foot due to rounding. Excluding mark-to-market valuation effects and other items affecting comparability, unallocated corporate items totaled $100 million net expense this year compared to $81 million net expense last year. Compete, Accelerate, Reshape . 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. Total General Mills $ % vs LY Net Sales $4,094 Flat Adjusted Operating Profit* $641 +3%1 Adjusted Diluted EPS* $0.71 Flat1 •Organic Net Sales Slightly Ahead of LY Second-quarter net sales for the Europe & Australia segment increased 8 percent to $467 million, primarily driven by 6 points of favorable foreign currency exchange and positive net price realization and mix. Fiscal 2018 represented acquisition transaction and integration costs and interest, net related to the debt issued to finance the acquisition. This is another stock that gets an upgrade from Raymond James. Segment operating profit of $148 million was down 28 percent, driven by lower net sales and fixed cost deleverage in the supply chain. See Note 3. See Note 3. For general operating millage, the portion of the millage rate dedicated for the cost of essential services was determined by the municipality or the Michigan Department of Treasury in calendar year 2016 based on the municipality’s fiscal year ending 2012. We also recorded a $19 million charge related to a product recall in our international Green Giant business in fiscal 2020. Our adjusted earnings comparisons as a percent of net sales are calculated as follows: Net earnings attributable to General Mills as reported, Mark-to-market effects, net of tax (c)(k), Investment activity, net, net of tax (e)(k), Acquisition integration costs, net of tax (g)(k), CPW restructuring charges, net of tax (j). The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States for annual and interim financial information. The new standard amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities and financial reporting. (b) Discrete tax benefit related to a capital loss carryback. To cut back that payment – but only once TCJA ) accounting also a... 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