(3)     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. In addition, fourth-quarter Pet segment operating profit margins will benefit from accelerated synergies, cost savings initiatives, favorable product mix, and pricing actions taken earlier in the year. Investor Relations Department Our purpose is to make the future work for everyone. Under the new standard, we apply a principles-based five step model to recognize revenue upon the transfer of control of promised goods to customers and in an amount that reflects the consideration for which we expect to be entitled to in exchange for those goods. We believe that these measures provide useful information to investors because they are important for assessing these measures excluding certain items affecting comparability. 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. Dividends paid year-to-date totaled $884 million. The effective tax rate in the quarter was 22.6 percent, compared to 30.4 percent last year (please see Note 6 below for more information on our effective tax rate). An additional $1 million of restructuring and project-related charges were recorded in cost of sales this year compared to $14 million a year ago (please see Note 3 below for more information on these charges). Operating Segment Results and Supplementary Information, Prepaid expenses and other current assets, Common stock, 754.6 shares issued, $0.10 par value, 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, Restructuring, impairment, and other exit costs, Changes in current assets and liabilities, excluding the, 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. Investor Relations Department Acquisition transaction and integration costs (d), Diluted earnings per share growth, excluding. Constant-Currency Segment Operating Profit Growth Rates, Percentage Change in Operating Profit During the third quarter of fiscal 2019, we completed our accounting for the tax effects of the TCJA and recorded a benefit of $7 million. The TCJA also results in a U.S. federal statutory tax rate of 21 percent for fiscal 2019. In addition, in the nine-month period ended February 24, 2019, we recorded a $3 million loss related to the impact of hyperinflationary accounting for our Argentina subsidiary. Click the button below to request a report when hardcopies become available. Quality, taste and convenience have made Betty Crocker a consistent favourite with consumers in the United States since 1921. Net interest expense totaled $131 million in the third quarter compared to $89 million a year ago, primarily driven by financing related to the Blue Buffalo acquisition. - Net sales increased 8 percent to $4.2 billion, and were up 10 percent in constant currency(1); organic net sales grew 1 percent, General Mills Reports Strong Fiscal 2019 Third-Quarter Results And Updates Full-Year Guidance, http://www.prnewswire.com/news-releases/general-mills-reports-strong-fiscal-2019-third-quarter-results-and-updates-full-year-guidance-300815535.html. Represents a prior period adjustment recorded in the second quarter of fiscal 2018. Global Growth and Returns. (1)   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. See accompanying notes to consolidated financial statements. December 19, 2018. Unallocated corporate expense totaled $239 million in the nine-month period ended February 24, 2019, compared to $167 million in the same period last year. Segment operating profit of $24 million was down 11 percent as reported and down 1 percent in constant currency, driven by significant input cost inflation, including currency-driven inflation on products imported into the U.K, partially offset by benefits from cost savings initiatives, lower SG&A expenses, and favorable net price realization and mix. The 7.8 percentage point decrease was primarily due to the net benefit related to the Tax Cuts and Jobs Act ("TCJA"), partially offset by less favorable windfall tax benefits from stock-based payments in fiscal 2019. ASK US ABOUT OUR FOOD CHANGE COUNTRY Welcome to Global Site. Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. Fiscal 2019 as Reported, Percentage Change in Net Sales on Constant-Currency Basis, Earnings Comparisons as a Percent of Net Sales Excluding Certain Items Affecting Comparability. We recorded a $31 million net increase in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in the first quarter of fiscal 2019 compared to a $2 million net decrease in expense in the same period last year. Three years of recklessly enacted, expansive and damaging policies, which ignore facts, deny science and infringe on basic freedoms. Consolidated Statements of Earnings and Supplementary Information, (Unaudited) (In Millions, Except per Share Data), Selling, general, and administrative expenses, Earnings before income taxes and after-tax, Net earnings, including earnings attributable, to redeemable and noncontrolling interests, Net earnings attributable to General Mills, Comparisons as a % of net sales excluding. We communicate and train employees on these standards. Sales growth for the snack bars, ice cream, and Mexican food platforms offset a decline in yogurt. Segment operating profit of $548 million increased 3 percent, driven by lower selling, general, & administrative (SG&A) expenses and benefits from productivity initiatives, partially offset by input cost inflation. Segment operating profit of $50 million increased 65 percent as reported and 42 percent in constant currency, driven by organic net sales growth, lower SG&A expenses, and the comparison against operating profit declines in the year-ago period, partially offset by higher input costs. (5)     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. The new standard requires the service cost component of net periodic benefit expense to be recorded in the same line items as other employee compensation costs within our Consolidated Statements of Earnings. Consolidated Statements of Earnings and Supplementary Information, (Unaudited) (In Millions, Except per Share Data), Selling, general, and administrative expenses, Earnings before income taxes and after-tax, Net earnings, including earnings attributable, to redeemable and noncontrolling interests, Net earnings attributable to General Mills, Comparisons as a % of net sales excluding. Segment operating profit of $34 million was up 13 percent as reported and up 12 percent in constant currency, primarily reflecting benefits from net price realization and mix and lower SG&A expenses, partially offset by higher input costs, including currency-driven inflation on imported products. You must click the link in the email to activate your subscription. Segment operating profit totaled $158 million, down $83 million on a pro forma basis, driven by the impact of purchase accounting, including a $53 million one-time inventory adjustment and $10 million of intangible asset amortization, as well as higher input costs and plant start-up costs, partially offset by benefits from cost savings initiatives and synergies. The impact of the adoption of this guidance on our results of operations was a decrease to our operating profit of $20.9 million and $20.5 million and a corresponding increase to benefit plan non-service income of $20.9 million and $20.5 million for the periods ending August 26, 2018, and August 27, 2017, respectively. Au cœur de la philosophie de General Mills: la conviction que l'alimentation contribue à améliorer nos vies. We expect to incur approximately $105 million of restructuring charges and approximately $2 million of project-related costs. We believe this measure provides useful information to investors because it is important for assessing the effective tax rate excluding certain items affecting comparability and presents the income tax effects of certain items affecting comparability. 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 the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The new standard requires the service cost component of net periodic benefit expense to be recorded in the same line items as other employee compensation costs within our Consolidated Statements of Earnings. Fiscal 2019 The unavailable information could have a significant impact on our fiscal 2019 GAAP financial results. Income statements, balance sheets, cash flow statements and key ratios. Download the 2019 annual report. Why frosting takes more than the cake. (f)       Represents a prior period adjustment recorded in the second quarter of fiscal 2018. Including the impact of the Blue Buffalo acquisition, net sales are expected to increase 9 to 10 percent. For the fourth quarter of fiscal 2019, General Mills expects Blue Buffalo's net sales and segment operating profit growth will accelerate meaningfully, driven by significant distribution expansion in the FDM channel. Three years of absent leadership, political upheaval and fake news. 1 in the sweet baking mixes category. View original content to download multimedia:http://www.prnewswire.com/news-releases/general-mills-reports-fiscal-2019-first-quarter-results-300714446.html, General Shareholder Information: "We had a strong third quarter, with positive organic sales growth and significant operating margin expansion," said General Mills Chairman and Chief Executive Officer Jeff Harmening. (6)     The effective tax rate for the third quarter of fiscal 2019 was 17.7 percent compared to an 85.9 percent benefit for the third quarter of fiscal 2018. Segment operating profit totaled $20 million compared to a loss of $2 million a year ago, driven by organic net sales growth and lower SG&A expenses, partially offset by higher input costs. The effective tax rate in the quarter was a 17.7 percent charge compared to an 85.9 percent benefit last year (please see Note 6 below for more information on our effective tax rate). First-quarter net sales for the Convenience Stores & Foodservice segment increased 4 percent to $463 million, with mid single-digit growth for the Focus 6 platforms led by snacks and frozen meals. Segment operating profit of $73 million was $2 million below the prior year on a pro forma basis, driven by higher input costs, plant start-up costs, and intangible asset amortization, partially offset by benefits from cost savings initiatives and synergies. You can access the webcast at www.generalmills.com/investors. In the nine-month period ended February 24, 2019, we recorded a $16 million gain from a legal recovery related to our Yoplait SAS subsidiary and $13 million of gains related to certain investment valuation adjustments. The adjustments are either items resulting from infrequently occurring events or items that, in management's judgment, significantly affect the quarter-over-quarter assessment of operating results. In the first quarter of fiscal 2019, we adopted new accounting requirements related to the presentation of net periodic defined benefit pension expense, net periodic postretirement benefit expense, and net periodic postemployment benefit expense (collectively "net periodic benefit expense"). Segment operating profit of $97 million increased 14 percent, reflecting net sales growth on higher-margin Focus 6 platforms and benefits from productivity initiatives, partially offset by input cost inflation. "Fiscal 2019 is off to a good start," said General Mills Chairman and Chief Executive Officer Jeff Harmening. (2)     During the third quarter of fiscal 2019, we sold our La Salteña fresh pasta and refrigerated dough business in Argentina and recorded a pre-tax loss of $35 million. We expect these actions to be completed by the end of fiscal 2022. The new standard requires retrospective adoption of the presentation of net periodic benefit expense. 763-764-3202, Analysts/Investors: Generally, the impacts of the new legislation would be required to be recorded in the period of enactment, which for us was the third quarter of fiscal 2018. Excluding items affecting comparability, the adjusted effective tax rate was 22.7 percent compared to 30.5 percent a year ago, primarily driven by the lower U.S. federal statutory tax rate resulting from the Tax Cuts and Jobs Act. 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-over-year basis. Net Sales: $4,162 +9%: $16,865 +9%: Organic Sales*-1%: Flat. (a) See Note 7 for a reconciliation of these measures not defined by generally accepted accounting principles (GAAP). In the nine-month period ended February 25, 2018, we recorded $13 million of restructuring charges and $8 million of restructuring initiative project-related costs in cost of sales. Ensuring that people across the globe are inspired, motivated, trained and developed to embrace the future of work. Impact of income tax adjustments on diluted EPS, excluding certain items affecting comparability. ($ Million) Growth Rate (%) # Employees; 2019: Details in Premium Report: 2018: 2017: 2016: 2015: 2014: 1-Year Growth Rate: 3-Year Growth Rate (CAGR): Note: General Mills's revenues are gauged from an analysis of company filings. Represents a prior period recorded in the second quarter of fiscal 2018. Adjusted Operating Profit Growth Excluding Certain Items Affecting Comparability on a Constant-currency Basis. 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. Financial results for the third quarter and first nine months of fiscal 2019 include contributions from Blue Buffalo Pet Products, Inc. (“Blue Buffalo”), which was acquired on April 24, 2018. certain items affecting comparability (a): Adjusted net earnings attributable to General. For fiscal 2019, we currently expect: foreign currency exchange rates (based on blend of forward and forecasted rates and hedge positions) to reduce net sales growth by 1 to 2 percent; acquisitions and divestitures to increase net sales growth by high single digits; foreign currency exchange rates to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth; and total restructuring charges and project-related costs related to actions previously announced to total approximately $85 million. Découvrez nos actions en matières de responsabilité sociétale d’entreprise. Third-quarter net sales for General Mills' North America Retail segment totaled $2.52 billion, essentially matching the prior year, with growth in the U.S. Cereal and U.S. Jeff Siemon On a pro forma basis, Pet segment net sales increased 14 percent, with positive contributions from volume growth and positive net price realization and mix. In the quarter and nine-month periods ended February 24, 2019, we recorded acquisition integration costs of $6 million and $21 million, respectively, in selling, general, and administrative (SG&A) expenses. In the quarter and nine-month periods ended February 25, 2018, we recorded acquisition transaction costs of $19 million including $16 million in interest, net, and $4 million in SG&A expenses. After submitting your information, you will receive an email. Global Growth and Returns. EYK 14-5. Constant-currency net sales for Häagen-Dazs Japan (HDJ) declined 14 percent, reflecting a difficult comparison to 14 percent growth in the prior year. A further list and description of these risks, uncertainties and other factors can be found in our Annual Report on Form 10-K, and our subsequent filings with the Securities and Exchange Commission. Responsabilité sociétale d ’ entreprise impact on our fiscal 2019 organic net sales in... 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