General Mills Reports Fiscal 2013 Second Quarter Results

General Mills (NYSE: GIS) today reported results for the second quarter of fiscal 2013. Contributions from new businesses primarily reflect the first three months of consolidated operating results for the Yoki Alimentos business in Brazil and Yoplait Canada.

Fiscal 2013 Second Quarter Financial Summary

• Net sales grew 6 percent to $4.88 billion. Acquisitions together with the recently assumed Yoplait Canada business contributed 4 points of net sales growth.
• Segment operating profit grew 10 percent to $959 million.
• Diluted earnings per share (EPS) totaled 82 cents, up from 67 cents a year ago.
• Adjusted diluted EPS, which excludes certain items affecting comparability, totaled 86 cents this year compared to 76 cents in last year’s second quarter. (Please see Note 8 to the consolidated financial statements below for reconciliation of this non-GAAP measure).

Net sales for the 13 weeks ended Nov. 25, 2012, grew 6 percent to $4.88 billion. Pound volume contributed 7 points of net sales growth, primarily reflecting the addition of Yoki and Yoplait Canada. Price realization and mix reduced the net sales growth rate by 1 point. Foreign currency exchange had no impact on the rate of net sales growth in the quarter. Gross margin was above year ago levels. Total marketing spending in the quarter was weighted toward in-store promotional support for established brands and new product introductions; advertising and media expense was below strong year-ago levels. Total segment operating profit increased 10 percent to $959 million (Please see Note 8 for reconciliation of this non-GAAP measure). Second-quarter net earnings attributable to General Mills grew to $542 million and diluted earnings per share increased to 82 cents. Adjusted diluted EPS, which excludes certain items affecting comparability (see Note 8 below), grew 13 percent to 86 cents.

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