General Mills CFO discusses growth plans at Citibank Global Consumer Conference
Don Mulligan, executive vice president and chief financial officer of General Mills, today said the company is on track to achieve its key financial targets for the 2013 fiscal year during his remarks at the Citibank Global Consumer Conference in New York.
General Mills’ fiscal 2013 closed on Sunday, May 26. The company will report its results for the fiscal year on June 26, 2013.
Don provided investors with a general outline of the company’s expected performance for fiscal 2013.
“We expect to deliver mid-single-digit growth in net sales, including low single-digit growth from our established businesses, plus contributions from new businesses,” he said.
“We expect operating profit to grow at a mid-single-digit rate as well, and we expect to deliver earnings per share of $2.66 to $2.68, before items affecting comparability.”
As for Fiscal 2014, Don noted that General Mills will be sharing the specifics of its plans this summer but recapped a framework of the plans and expectations, including:
• Targeting high single-digit growth in adjusted diluted earnings per share (EPS).
• 15 cents of operating EPS contributed by new businesses added in the past two years.
• Generating a strong operating cash flow, a higher return on invested capital and increased cash returns to General Mills shareholders, including a 15 percent dividend increase and a 2 percent net reduction in shares outstanding.
“Our growth plans for 2014 – and beyond – are focused on five global platforms: ready-to-eat cereal, super-premium ice cream, convenient meals, wholesome snack bars, and yogurt,” he said.
His presentation provided an overview of our growth opportunities in each of these five global categories and the collective importance they hold for the company’s overall performance. Together, the five global product platforms account for nearly two-thirds of our worldwide sales.
A webcast of Don’s presentation is available in the Investor section of GeneralMills.com through June 10, 2013.
Editor’s Note: This post contains forward looking statements regarding future results. Please see our press release dated May 30, 2013, for risk factors that could affect the results anticipated in these forward looking statements.