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General Mills Q4 adjusted EPS increased 11 percent

Staff Writer |
General Mills reported third-quarter adjusted EPS of $0.72, up 11 percent from the prior year.

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Constant-currency adjusted EPS increased 8 percent.

Third-quarter total segment operating profit was $662 million, down 2 percent year-over-year in constant currency. Net earnings attributable to General Mills decreased 1.1% to $358 million.

Earnings per share was $0.61, up 3 percent, driven by a lower tax rate and 3 percent fewer average diluted shares outstanding.

Third-quarter reported net sales declined 5 percent to $3.79 billion. Organic net sales also declined 5 percent, primarily reflecting volume reductions in the North America Retail segment partially offset by benefits from positive net price realization and mix. Analysts expected revenue of $3.82 billion, for the quarter.

Third-quarter net sales for General Mills' North America Retail segment totaled $2.50 billion, down 7 percent from the prior year, driven primarily by double-digit declines in the U.S. Meals & Baking and U.S. Yogurt operating units. Organic net sales declined 8 percent.

General Mills reaffirmed its key full-year fiscal 2017 targets.

The company continues to expect: organic net sales to decline approximately 4 percent; constant-currency total segment operating profit growth to be in a range of down 1 percent to up 1 percent; and constant-currency adjusted EPS to increase 5 to 7 percent from the base of $2.92 earned in fiscal 2016. The company estimates currency translation will have an immaterial impact on fiscal 2017 adjusted EPS.


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