This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

General Mills Reports Results For Fiscal 2012 Third Quarter

General Mills (NYSE: GIS) today reported results for the third quarter of fiscal 2012.

Fiscal 2012 Third Quarter Financial Summary
  • Net sales grew 13 percent to $4.12 billion. The international Yoplait acquisition completed in July 2011 contributed 8 points of net sales growth.
  • Segment operating profit rose 1 percent to $675 million, including significantly higher input costs year-over-year and increased advertising expense.
  • Diluted earnings per share (EPS) totaled 58 cents.
  • Adjusted diluted EPS, which excludes certain items affecting comparability of results, totaled 55 cents, one penny below the year-ago level.

Net sales for the 13 weeks ended Feb. 26, 2012 grew 13 percent to $4.12 billion. Price realization and mix contributed 3 points of net sales growth, and pound volume contributed 10 points of net sales growth, including 13 points of pound volume growth from the Yoplait acquisition. Foreign exchange did not have a material effect on our sales growth rate in the quarter. Gross margin as a percent of net sales was below year-ago levels due to higher input costs and the change in business mix to include the Yoplait acquisition. Advertising and media expense was 8 percent higher in the period. Segment operating profit rose 1 percent to $675 million. Third-quarter net earnings attributable to General Mills totaled $392 million and diluted earnings per share totaled 58 cents. Adjusted diluted earnings per share, which excludes certain items affecting comparability of results year to year, totaled 55 cents for the third quarter of 2012 compared to 56 cents a year ago. (Please see Note 7 to the consolidated financial statements below for a reconciliation of this non-GAAP measure.)

Chairman and Chief Executive Officer Ken Powell said, “Our third-quarter results reflect strong worldwide sales growth for our business, but the 10-11 percent input cost inflation we’re experiencing this year pressured our margins. In the fourth quarter, we expect to generate continued good sales momentum and we anticipate that gross margin contraction will ease somewhat. This should result in renewed earnings growth as we wrap up 2012 and move into the new fiscal year.”

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs