Milling & Baking News - July 3, 2018 - 10

Financial Results

Another rebuilding year seen in
fiscal 2019 for General Mills
MINNEAPOLIS - Adjusted earnings
of General Mills, Inc. in the year ended
May 28 were on par with results from
a year earlier. In its initial forecasts for
fiscal 2019, the company said earnings
per share will be flat at best once again.
Jeffrey L. Harmening, chairman and
chief executive officer, said the company ended a difficult fiscal 2018 on a
strong note.
"While our full-year profit results
fell short of our initial plans, we finished the year delivering growth in
sales, margins, profit and e.p.s. in
the fourth quarter," he said. "And
I'm pleased with the continued
progress we've made in cash generation, with our free cash flow up
nearly 30% this year."
Net income of General Mills, Inc. in
the year ended May 28 was $2,131 million, or $3.69 per share on the common
stock, up 29% from $1,657.5 million,
or $2.82 per share, in fiscal 2017. Sales
were $15,740 million, up 0.8%. The
sales change represented an improvement from the year before when General Mills sales fell 6% from fiscal 2016.
The largest factor in the year-to-year
earnings change was a 91% reduction
in income tax charges to $57.3 million
from $655.2 million, driven by the benefits related to the Tax Cuts and Jobs
Act. Adjusted earnings per share in fiscal 2018 were $3.11, about unchanged
from fiscal 2017.
For fiscal 2019, General Mills projected organic net sales to be flat to up
1% and sales including the company's
Blue Buffalo pet food acquisition to be
up 9% to 10%. Operating profit was
projected to climb 6% to 9% from a
base of $2.7 billion in fiscal 2018, and
adjusted earnings per share were projected to be unchanged to down 3%
from $3.11 in fiscal 2018. The estimate
includes a 4c per share accounting expense in fiscal 2019 associated with the
Blue Buffalo acquisition.
"As we turn to fiscal 2019, we'll
continue to follow our Consumer
First strategy and execute against our
global growth priorities to further improve our top-line momentum," Mr.
Harmening said. "We are committed
to competing effectively across all our
brands and geographies, increasing
investments to accelerate our differential growth platforms, and maximizing the growth opportunities for Blue
Buffalo.  We are also keenly focused
on maintaining our efficiency in this
10 / July 3, 2018

Milling & Baking News

more inflationary cost environment,
and we have initiatives underway to
help protect our profitability."
In the fourth quarter ended May 28,
General Mills net income was $354.4
million, equal to 59c per share, down
13% from $408.9 million, or 70c, in the
fourth quarter last year. Sales were
$3,890.2 million, up 2.2%.
Fourth-quarter results included

In snack bars, Mr. Harmening detailed areas of growth and challenge.
"New Layered (Granola Nut) Bars
and Soft-Baked Filled Squares generated growth for Nature Valley in the
U.S., and our businesses in Europe
and Mexico leverage our U.S. product
pipeline to accelerate Nature Valley
sales," he said.
By contrast, the Fiber One business has been a drag on results. Larabar sales enjoyed strong double-digit
growth.
Mr. Harmening said early results

'As we turn to fiscal 2019, we'll continue
to follow our Consumer First strategy and
execute against our global growth priorities to
further improve our top-line momentum.'
- Jeffrey L. Harmening,
General Mills, Inc.

$151.3 million in restructuring, impair- of the Blue Buffalo pet food business
ment and other exit costs, up from $17.1 have been positive.
Operating profit of the Convenience
million the year before. Income tax expenses of $86.4 million were down 40% Stores and Foodservice segment was
from $144.2 million. Adjusted earnings $392.6 million, down 2.1% from the
per share in the fourth quarter were year before. Net sales were $1,930.2
million, up 3.2%.
79c, up 8% from the year before.
Fourth-quarter operating profit
Operating profit of the North American Retail segment of General Mills in was $117 million, up 11%. Sales were
fiscal 2018 was $2,217.4 million, down $510.6 million, up 4.7%. Indexed high3.7% from the year before. Net sales er prices for bakery flour helped boost
sales for the year and in
were $10,115.4 million,
the fourth quarter.
down 0.8%.
For the year, segment
Fourth-quarter operatprofits were hurt by rising
ing profit of the segment
input costs, but results
was $543 million, up 7%.
improved in the fourth
Sales were $2,338 million,
quarter because of higher
down 0.2%.
prices and improved mix,
For the fiscal year,
together with the effects
higher input costs and
of costs savings.
merchandising expenses
After-tax earnings of
were the principal drag
General Mills' joint venon profits. Cost savings
tures - Cereal Partners
initiatives and lower
Worldwide and Häagensales, general and adminDazs Japan - were $85
istrative costs were a boost GENERAL MILLS, INC.
million, about unchanged
in the fourth quarter.
Cereal sales were flat for the year with the year before. Net sales for
as were meals and baking. Snack food C.P.W. were flat during the year.
In the fourth quarter, earnings were $21
sales rose 2% in fiscal 2018 while yogurt sales fell 12%. In the fourth quar- million, up from $20 million the year beter cereal was up 2%, as were snacks. fore. Earnings growth would have been
Yogurt was down 5%, and meals and greater but for a $2 million restructuring
charge at C.P.W. Sales were down 2%.
baking fell 2%.
Commenting on innovation plans
In the investor call, Mr. Harmening
said cereal trends turned positive in for fiscal 2019, Mr. Harmening said
Cheerios Oat Crunch was launched in
fiscal 2018.
"We grew retail sales and market June and that the company plans new
share in the U.S. behind strong market- product news for a range of brands,
ing campaigns like Good Goes Round including Totino's hot snacks, Proon Cheerios and unicorn marshmal- gresso soups, Betty Crocker desserts
low news on Lucky Charms," he said. and Wanchai Ferry dumplings. MBN
bakingbusiness.com / world-grain.com


http://www.bakingbusiness.com http://www.world-grain.com

Table of Contents for the Digital Edition of Milling & Baking News - July 3, 2018

http://www.nxtbook.com/sosland/mbn/2019_04_09
http://www.nxtbook.com/sosland/mbn/2019_03_26
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_03_12
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_02_26
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_02_12
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_29
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_15
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_01
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_12_18
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_12_04
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_11_20
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_11_06
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_10_23
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_10_09
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_09_25
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_09_11
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_08_24
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_08_14
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_31
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_17
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_03
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_06_19
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_06_05
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_05_22
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_05_08
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_04_24
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_04_10
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_03_27
http://www.nxtbook.com/sosland/mbn/2018_03_13
http://www.nxtbook.com/sosland/mbn/2018_02_27
http://www.nxtbook.com/sosland/mbn/2018_02_13
http://www.nxtbook.com/sosland/mbn/2018_01_30
http://www.nxtbook.com/sosland/mbn/2018_01_16
http://www.nxtbook.com/sosland/mbn/2018_01_02
http://www.nxtbook.com/sosland/mbn/2017_12_19
http://www.nxtbook.com/sosland/mbn/2017_12_05
http://www.nxtbook.com/sosland/mbn/2017_11_21
http://www.nxtbook.com/sosland/mbn/2017_11_07
http://www.nxtbook.com/sosland/mbn/2017_10_24
http://www.nxtbook.com/sosland/mbn/2017_10_10
http://www.nxtbook.com/sosland/mbn/2017_09_26
http://www.nxtbook.com/sosland/mbn/2017_09_12
http://www.nxtbook.com/sosland/mbn/2017_08_29
http://www.nxtbook.com/sosland/mbn/2017_08_15
http://www.nxtbook.com/sosland/mbn/2017_08_01
http://www.nxtbook.com/sosland/mbn/2017_07_18
http://www.nxtbook.com/sosland/mbn/2017_07_04
http://www.nxtbook.com/sosland/mbn/2017_06_20
http://www.nxtbook.com/sosland/mbn/2017_06_06
http://www.nxtbook.com/sosland/mbn/2017_05_23
http://www.nxtbook.com/sosland/mbn/2017_05_09
http://www.nxtbook.com/sosland/mbn/2017_04_25
http://www.nxtbook.com/sosland/mbn/2017_04_11
http://www.nxtbook.com/sosland/mbn/2017_03_28
http://www.nxtbook.com/sosland/mbn/2017_03_14
http://www.nxtbook.com/sosland/mbn/2017_02_28
http://www.nxtbook.com/sosland/mbn/2017_02_14
http://www.nxtbook.com/sosland/mbn/2017_01_31
http://www.nxtbook.com/sosland/mbn/2017_01_17
http://www.nxtbook.com/sosland/mbn/2017_01_03
http://www.nxtbook.com/sosland/mbn/2016_12_20
http://www.nxtbook.com/sosland/mbn/2016_12_06
http://www.nxtbook.com/sosland/mbn/2016_11_22
http://www.nxtbook.com/sosland/mbn/2016_11_08
http://www.nxtbook.com/sosland/mbn/2016_10_25
http://www.nxtbook.com/sosland/mbn/2016_10_11
http://www.nxtbook.com/sosland/mbn/2016_09_27
http://www.nxtbook.com/sosland/mbn/2016_09_13
http://www.nxtbook.com/sosland/mbn/2016_08_30
http://www.nxtbook.com/sosland/mbn/2016_08_16
http://www.nxtbook.com/sosland/mbn/2016_08_02
http://www.nxtbook.com/sosland/mbn/2016_07_19
http://www.nxtbook.com/sosland/mbn/2016_07_05
http://www.nxtbook.com/sosland/mbn/2016_06_21
http://www.nxtbook.com/sosland/mbn/2016_06_07
http://www.nxtbook.com/sosland/mbn/2016_05_24
http://www.nxtbook.com/sosland/mbn/2016_05_10
http://www.nxtbook.com/sosland/mbn/2016_04_26
http://www.nxtbook.com/sosland/mbn/2016_04_12
http://www.nxtbook.com/sosland/mbn/2016_03_29
http://www.nxtbook.com/sosland/mbn/2016_03_15
http://www.nxtbook.com/sosland/mbn/2016_03_01
http://www.nxtbook.com/sosland/mbn/2016_02_16
http://www.nxtbook.com/sosland/mbn/2016_02_02
http://www.nxtbook.com/sosland/mbn/2016_01_19
http://www.nxtbook.com/sosland/mbn/2016_01_05
http://www.nxtbook.com/sosland/mbn/2015_12_22
http://www.nxtbook.com/sosland/mbn/2015_12_08
http://www.nxtbook.com/sosland/mbn/2015_11_24
http://www.nxtbook.com/sosland/mbn/2015_11_10
http://www.nxtbook.com/sosland/mbn/2015_10_27
http://www.nxtbook.com/sosland/mbn/2015_10_13
http://www.nxtbook.com/sosland/mbn/2015_09_29
http://www.nxtbook.com/sosland/mbn/2015_09_15
http://www.nxtbook.com/sosland/mbn/2015_09_01
http://www.nxtbook.com/sosland/mbn/2015_08_18
http://www.nxtbook.com/sosland/mbn/2015_08_04
http://www.nxtbook.com/sosland/mbn/2015_07_21
http://www.nxtbook.com/sosland/mbn/2015_07_07
http://www.nxtbook.com/sosland/mbn/2015_06_23
http://www.nxtbook.com/sosland/mbn/2015_06_09
http://www.nxtbook.com/sosland/mbn/2015_05_26
http://www.nxtbook.com/sosland/mbn/2015_05_12
http://www.nxtbook.com/sosland/mbn/2015_04_28
http://www.nxtbook.com/sosland/mbn/2015_04_014
http://www.nxtbook.com/sosland/mbn/2015_03_31
http://www.nxtbook.com/sosland/mbn/2015_03_17
http://www.nxtbook.com/sosland/mbn/mbn/2015_03__03
http://www.nxtbook.com/sosland/mbn/2015_02_17
http://www.nxtbook.com/sosland/mbn/2015_02_03
http://www.nxtbook.com/sosland/mbn/2015_01_20
http://www.nxtbook.com/sosland/mbn/2015_01_06
http://www.nxtbook.com/sosland/mbn/2014_12_23
http://www.nxtbook.com/sosland/mbn/2014_12_09
http://www.nxtbook.com/sosland/mbn/mbn_2014_11_25
http://www.nxtbook.com/sosland/mbn/2014_11_11
http://www.nxtbook.com/sosland/mbn/2014_10_28
http://www.nxtbook.com/sosland/mbn/2014_10_14
http://www.nxtbook.com/sosland/mbn/2014_09_30
http://www.nxtbook.com/sosland/mbn/2014_09_16
http://www.nxtbook.com/sosland/mbn/2014_09_02
http://www.nxtbook.com/sosland/mbn/214_08_19
http://www.nxtbook.com/sosland/mbn/2014_08_01
http://www.nxtbook.com/sosland/mbn/2014_07_22
http://www.nxtbook.com/sosland/mbn/2014_07_08
http://www.nxtbook.com/sosland/mbn/2014_06_24
http://www.nxtbook.com/sosland/mbn/2014_06_10
http://www.nxtbook.com/sosland/mbn/2014_05_27
http://www.nxtbook.com/sosland/mbn/2014_05_13
http://www.nxtbook.com/sosland/mbn/2014_04_29
http://www.nxtbook.com/sosland/mbn/2014_04_15
http://www.nxtbook.com/sosland/mbn/2014_04_01
http://www.nxtbook.com/sosland/mbn/2014_03_18
http://www.nxtbook.com/sosland/mbn/2014_03_04
http://www.nxtbook.com/sosland/mbn/2014_02_18
http://www.nxtbook.com/sosland/mbn/2014_02_04
http://www.nxtbook.com/sosland/mbn/2014_01_21
http://www.nxtbook.com/sosland/mbn/2014_01_07
http://www.nxtbook.com/sosland/mbn/2013_12_24
http://www.nxtbook.com/sosland/mbn/2013_12_10
http://www.nxtbook.com/sosland/mbn/2013_11_26
http://www.nxtbook.com/sosland/mbn/2013_11_12
http://www.nxtbook.com/sosland/mbn/2013_10_29
http://www.nxtbook.com/sosland/mbn/2013_10_15
http://www.nxtbook.com/sosland/mbn/2013_10_01
http://www.nxtbook.com/sosland/mbn/2013_09_17
http://www.nxtbook.com/sosland/mbn/2013_09_03
http://www.nxtbook.com/sosland/mbn/2013_08_20
http://www.nxtbook.com/sosland/mbn/2013_08-06
http://www.nxtbook.com/sosland/mbn/2013_07_23
http://www.nxtbook.com/sosland/mbn/2013_07_09
http://www.nxtbook.com/sosland/mbn/2013_06_25
http://www.nxtbook.com/sosland/mbn/2013_06_11
http://www.nxtbook.com/sosland/mbn/2013_05_28
http://www.nxtbook.com/sosland/mbn/2013_05_14
http://www.nxtbook.com/sosland/mbn/2013_04_30
http://www.nxtbook.com/sosland/mbn/2013_04_16
http://www.nxtbook.com/sosland/mbn/2013_04_02
http://www.nxtbook.com/sosland/mbn/2013_03_19
http://www.nxtbook.com/sosland/mbn/2013_03_05
http://www.nxtbook.com/sosland/mbn/2013_02_19
http://www.nxtbook.com/sosland/mbn/2013_02_05
http://www.nxtbook.com/sosland/mbn/2013_01_22
http://www.nxtbook.com/sosland/mbn/2013_01_08
http://www.nxtbook.com/sosland/mbn/2012_12_25
http://www.nxtbook.com/sosland/mbn/2012_12_11
http://www.nxtbook.com/sosland/mbn/2012_11_27
http://www.nxtbook.com/sosland/mbn/2012_11_13
http://www.nxtbook.com/sosland/mbn/2012_10_30
http://www.nxtbook.com/sosland/mbn/2012_10_16
http://www.nxtbook.com/sosland/mbn/2012_10_02
http://www.nxtbook.com/sosland/mbn/2012_09_18
http://www.nxtbook.com/sosland/mbn/2012_09_04
http://www.nxtbook.com/sosland/mbn/2012_08_21
http://www.nxtbook.com/sosland/mbn/2012_08_07
http://www.nxtbook.com/sosland/mbn/2012_07_24
http://www.nxtbook.com/sosland/mbn/2012_07_10
http://www.nxtbook.com/sosland/mbn/2012_06_26
http://www.nxtbook.com/sosland/mbn/2012_06_12
http://www.nxtbook.com/sosland/mbn/2012_05_29
http://www.nxtbook.com/sosland/mbn/2012_05_15
http://www.nxtbook.com/sosland/mbn/2012_05_01
http://www.nxtbook.com/sosland/mbn/2012_04_17
http://www.nxtbook.com/sosland/mbn/2012_04_03
http://www.nxtbook.com/sosland/mbn/2012_03_20
http://www.nxtbook.com/sosland/mbn/2012_03_06
http://www.nxtbook.com/sosland/mbn/2012_02_21
http://www.nxtbook.com/sosland/mbn/2012_02_07
http://www.nxtbook.com/sosland/mbn/2012_01_24
http://www.nxtbook.com/sosland/mbn/2012_01_10
http://www.nxtbook.com/sosland/mbn/2011_12_27
http://www.nxtbook.com/sosland/mbn/2011_12_13
http://www.nxtbook.com/sosland/mbn/2011_11_29
http://www.nxtbook.com/sosland/mbn/2011_11_15
http://www.nxtbook.com/sosland/mbn/2011_11_01
http://www.nxtbook.com/sosland/mbn/2011_10_18
http://www.nxtbook.com/sosland/mbn/2011_10_04
http://www.nxtbook.com/sosland/mbn/2011_09_20
http://www.nxtbook.com/sosland/mbn/2011_09_06
http://www.nxtbook.com/sosland/mbn/2011_08_23
http://www.nxtbook.com/sosland/mbn/2011_08_09
http://www.nxtbook.com/sosland/mbn/2011_07_26
http://www.nxtbook.com/sosland/mbn/2011_07_12
http://www.nxtbook.com/sosland/mbn/2011_06_28
http://www.nxtbook.com/sosland/mbn/2011_06_14
http://www.nxtbook.com/sosland/mbn/2011_05_31
http://www.nxtbook.com/sosland/mbn/2011_05_17
http://www.nxtbook.com/sosland/mbn/2011_05_03
http://www.nxtbook.com/sosland/mbn/2011_04_19
http://www.nxtbook.com/sosland/mbn/2011_04_05
http://www.nxtbook.com/sosland/mbn/2011_03_22
http://www.nxtbook.com/sosland/mbn/2011_03_08
http://www.nxtbook.com/sosland/mbn/2011_02_22
http://www.nxtbook.com/sosland/mbn/2011_02_08
http://www.nxtbook.com/sosland/mbn/2011_01_25
http://www.nxtbook.com/sosland/mbn/2011_01_11
http://www.nxtbook.com/sosland/mbn/2010_12_28
http://www.nxtbook.com/sosland/mbn/2010_12_14
http://www.nxtbook.com/sosland/mbn/2010_11_30
http://www.nxtbook.com/sosland/mbn/2010_11_16
http://www.nxtbook.com/sosland/mbn/2010_11_02
http://www.nxtbook.com/sosland/mbn/2010_10_19
http://www.nxtbook.com/sosland/mbn/2010_10_05
http://www.nxtbook.com/sosland/mbn/2010_09_21
http://www.nxtbook.com/sosland/mbn/2010_09_07
http://www.nxtbook.com/sosland/mbn/2010_08_24
http://www.nxtbook.com/sosland/mbn/2010_08_10
http://www.nxtbook.com/sosland/mbn/2010_07_27
http://www.nxtbook.com/sosland/mbn/2010_07_13
http://www.nxtbook.com/sosland/mbn/2010_06_29
http://www.nxtbook.com/sosland/mbn/2010_06_15
http://www.nxtbook.com/sosland/mbn/2010_06_01
http://www.nxtbook.com/sosland/mbn/2010_05_18
http://www.nxtbook.com/sosland/mbn/2010_05_04
http://www.nxtbook.com/sosland/mbn/2010_04_20
http://www.nxtbook.com/sosland/mbn/2010_04_06
http://www.nxtbook.com/sosland/mbn/2010_03_23
http://www.nxtbook.com/sosland/mbn/2010_03_09
http://www.nxtbook.com/sosland/mbn/2010_02_23
http://www.nxtbook.com/sosland/mbn/2010_02_09
http://www.nxtbook.com/sosland/mbn/2010_01_26
http://www.nxtbook.com/sosland/mbn/2010_01_12
http://www.nxtbook.com/sosland/mbn/2009_12_29
http://www.nxtbook.com/sosland/mbn/2009_12_15
http://www.nxtbook.com/sosland/mbn/2009_12_01
http://www.nxtbook.com/sosland/mbn/2009_11_17
http://www.nxtbook.com/sosland/mbn/2009_11_03
http://www.nxtbook.com/sosland/mbn/2009_10_20
http://www.nxtbook.com/sosland/mbn/2009_10_06
http://www.nxtbook.com/sosland/mbn/2009_09_22
http://www.nxtbook.com/sosland/mbn/2009_09_08
http://www.nxtbook.com/sosland/mbn/2009_08_25
http://www.nxtbook.com/sosland/mbn/2009_08_11
http://www.nxtbook.com/sosland/mbn/2009_07_28
http://www.nxtbook.com/sosland/mbn/2009_07_14
http://www.nxtbook.com/sosland/mbn/2009_06_30
http://www.nxtbook.com/sosland/mbn/2009_06_16
http://www.nxtbook.com/sosland/mbn/2009_06_02
http://www.nxtbook.com/sosland/mbn/2009_05_19
http://www.nxtbook.com/sosland/mbn/2009_05_05
http://www.nxtbook.com/sosland/mbn/2009_04_21
http://www.nxtbook.com/sosland/mbn/2009_04_08
http://www.nxtbook.com/sosland/mbn/2009_04_07
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