General Mills global net sales increase to $17.8 billion
This morning General Mills announced earnings for the fourth quarter and for fiscal 2013, a year in which the company’s worldwide net sales grew to $17.8 billion.
Company executives also shared guidance for fiscal 2014 with investors and provided a preview of its innovation-fueled plans for growth.
The full financials are outlined in a press release issued this morning.
“Our 2013 results reflect good growth from established product lines and important contributions from new businesses added during the year,” said Ken Powell, chairman and CEO of General Mills. “Each of our three operating segments posted profit growth.”
Here’s a topline summary of General Mills’ fiscal 2013 results:
· Net sales grew 7 percent. New businesses, primarily Yoki Alimentos in Brazil and Yoplait International, contributed 6 points of net sales growth.
· Segment operating profit grew 6 percent in fiscal 2013, with profit growth from all three of our operating segments for the year — U.S. Retail, International, and Bakeries & Foodservice.
· Earnings Per Share (EPS) was $2.79. Adjusted diluted EPS was $2.69, which is at the high end of the company’s recently increased guidance.
“Our cash flow from operating activities rose 22 percent, and we returned nearly $1.9 billion in cash to shareholders through dividends and share repurchase activity,” said Ken. “In addition, we exited the year with momentum that enabled us to finish 2013 a bit better than our original estimates.”
To give some context to the numbers and hear more about General Mills’ performance and its plans for fiscal 2014, I spoke with Don Mulligan, executive vice president and chief financial officer, in this audio interview.
In a video excerpt from that interview, Don talks about the success of three of our divisions in fiscal 2013.
On the webcast this morning, Ken noted just a few of the new General Mills products launching this summer, such as Vanilla Chex and Nature Valley Protein Granola. We’ll reveal our full lineup of new product innovation at our upcoming investor meeting at the New York Stock Exchange on July 9.
We’ll be blogging from that event and will give readers here on “A Taste of General Mills” the scoop on the new products launching across our portfolio.
For the full webcast and presentation slides from today’s earnings announcement, including the highlights on how each of General Mills’ business segments performed, visit the Investor section of GeneralMills.com.
Editor’s Note: This post contains non-GAAP financial information and forward looking statements regarding future results. Please see our press release dated June 26, 2013 for a reconciliation of these non-GAAP measures and for risk factors that could affect the results anticipated in these forward looking statements.