Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. The call options were valued at $1.12 million as of Monday. (n) See reconciliation of adjusted effective income tax rate below for tax impact of adjustment. (h) Impairment charges related to our Progresso, Food Should Taste Good, and Mountain High brand intangible assets and certain manufacturing assets in our North America Retail and Asia & Latin America segments. General Mills will issue pre-recorded management remarks today, July 1, 2020, at approximately 6:20 a.m. Central time (7:20 a.m. Eastern time) and will hold a live, webcasted question and answer session beginning at 8:00 a.m. Central time (9:00 a.m. Eastern time). This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheets. (d) Valuation adjustments of certain corporate investments in fiscal 2021. See Note 4. Diluted EPS of $1.02 increased 9 percent. See Note 4. The segment continued to compete effectively, with year-to-date market share growth in both the U.S. and Canada, including stable or growing market share in 8 of its 10 largest U.S. categories. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure. This measure is used in reporting to our executive management and as a component of the Board of Directors’ measurement of our performance for incentive compensation purposes. See Note 4. Segment operating profit of $337 million was down 20 percent, primarily driven by lower net sales. Fiscal 2019 represented acquisition integration costs. Organic net sales increased 5 percent. See Note 4. Net sales increased 18 percent in U.S. See Note 4. • Kraft Heinz invested $17.2 million and added 50 new jobs to … As part of a long-term plan to conform the fiscal year ends of all our operations, in fiscal 2020 we changed the reporting period of our Pet segment from an April fiscal year-end to a May fiscal year-end to match our fiscal calendar. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. GameStop (GME) shares gained another 92% today to close at a record $147.98 a piece in another clash filled session between reddit WallStreetBets and short sellers. “We executed very well again in the second quarter, driving strong performance on the top and bottom lines,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. This measure is used in reporting to our Board of Directors and executive management. (i) Impairment charges related to our Progresso, Food Should Taste Good, and Mountain High brand intangible assets and certain manufacturing assets in our North America Retail and Asia & Latin America segments in fiscal 2019. See Note 4. Cash Flow from changes in current assets and liabilities: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. All of this has investment firm Raymond James looking to the roster oil and gas midstream companies for dividend stocks with growth potential. Adjusted effective income tax rates are calculated as follows: Acquisition transaction and integration costs (i), Impact of income tax adjustments on adjusted diluted EPS. We have included measures in this release that are not defined by GAAP. Profit on Constant-Currency Finding the best biotech companies to invest in can be tricky as volatility often pockmarks the space. See Note 2. The U.K. firm competes with AMC’s Odeon unit in Britain.AMC’s bonds also continued their tear along with the shares, reaching record highs and leading the U.S. high-yield market on Wednesday. General Mills (NYSE: GIS) today reported results for the second quarter ended November 29, 2020. In addition, we elected not to recognize leases with an initial term of 12 months or less on our Consolidated Balance Sheet and to continue our historical treatment of land easements, under permitted elections. AT&T earnings and revenue for the December quarter fell from a year earlier but topped analyst estimates. The company anticipates headwinds to fiscal 2021 net sales growth from comparisons against the 53rd week, the extra month of Pet results, and the pandemic-related increase in demand in the fourth quarter of fiscal 2020. The adjustments are either items resulting from infrequently occurring events or items that, in management’s judgment, significantly affect the year-to-year assessment of operating results. The company’s market cap is now over $10 billion. General Mills. General Mills, Inc. (NYSE: GIS) plans to report results for its fiscal 2021 first quarter on September 23, 2020. See Note 4. Segment operating profit of $50 million was up 46 percent as reported and up 26 percent in constant currency, driven by higher net sales and favorable foreign currency exchange, partially offset by higher SG&A expenses. Impairment charges related to our Yoki, Mountain High, and Immaculate Baking brand intangible assets in fiscal 2018. For the full year, Pet segment net sales increased 18 percent to $1.69 billion, driven by positive contributions from volume growth and positive net price realization and mix. It is very important to do your own analysis before making any investment. The cinema operator is among a number of heavily shorted stocks rallying this week.Shares rose as much as 310% at the open of the regular trading session in New York, pushing it to the highest level since October 2018. See Note 4. In response to changing consumer and customer needs, General Mills has increased its agility and executed with excellence. We believe that this measure provides useful information to investors because it is the operating profit measure we use to evaluate operating profit performance on a comparable year-to-year basis. The 0.8 percentage point increase was primarily due to certain nonrecurring discrete tax benefits in fiscal 2019, partially offset by the $53 million net benefit from the reorganization of certain wholly-owned subsidiaries and favorable changes in earnings mix by jurisdiction in fiscal 2020. (i) Represents the impact of hyperinflationary accounting for our Argentina subsidiary, which was sold in fiscal 2019. (h) Represents a legal recovery related to our Yoplait SAS subsidiary. This measure is used in reporting to our Board of Directors and executive management and as a component of the Board of Directors’ measurement of our performance for incentive compensation purposes. See Note 3. See Note 2. (k) Discrete tax benefit related to the reorganization of certain wholly owned subsidiaries in fiscal 2020 and a discrete tax benefit related to a capital loss carryback recorded in fiscal 2019. Pelosi’s transactions could push for more regulations concerning stock purchases by members of Congress. (d) Restructuring and project-related charges for previously announced restructuring actions. Through six months, Asia & Latin America net sales increased 6 percent to $813 million, driven by higher volume, partially offset by 7 points of unfavorable foreign currency exchange. Its stock only rose by ~1% and closed at $57.13 on September 22, 2015. Organic net sales increased 13 percent. Consolidated Statements of Earnings and Supplementary Information, (Unaudited) (In Millions, Except per Share Data), Selling, general, and administrative expenses, Restructuring, impairment, and other exit costs (recoveries), Earnings before income taxes and after-tax earnings from joint ventures, Net earnings, including earnings attributable to redeemable and noncontrolling interests, Net earnings attributable to redeemable and noncontrolling interests, Net earnings attributable to General Mills, Comparisons as a % of net sales excluding. See Note 3. Fiscal year 2020 consists of 53 weeks, while fiscal years 2019 and 2018 consisted of 52 weeks. Häagen-Dazs ice cream trends in Asia continued to improve sequentially, with constant-currency net sales up low single digits in the quarter. See Note 3. We recorded a $24 million net increase in expense related to mark-to-market valuations of certain commodity positions and grain inventories in the fourth quarter of fiscal 2020, compared to an immaterial amount in the fourth quarter of fiscal 2019. certain items affecting comparability (a): Adjusted net earnings attributable to General Mills. (g) Net tax benefit resulting from TCJA accounting. We believe that these measures provide useful information to investors because they are important for assessing our adjusted earnings comparisons as a percent of net sales on a comparable year-to-year basis. Adjusted effective income tax rates are calculated as follows: Impact of income tax adjustments on adjusted diluted EPS. The impact of elevated at-home demand was less pronounced in the Europe & Australia segment, reflecting its lower proportion of net sales in those categories. View source version on businesswire.com: Through six months, Convenience Stores & Foodservice net sales decreased 13 percent to $832 million. (d) Product recall costs related to our international Green Giant business. Pelosi also disclosed that she bought 20,000 shares of AllianceBernstein Holdings (NYSE: AB), 100 calls of Apple Inc (NASDAQ: AAPL) and 100 calls of Walt Disney Co (NYSE: DIS). This brilliant new device is helping millions of Americans cut their power bills in half! Net sales declines in yogurt and ice cream were partially offset by growth in Mexican food and dessert mixes. The pre-recorded remarks and the webcast will be made available at www.generalmills.com/investors. In addition, we recorded $4 million of acquisition integration costs related to our acquisition of Blue Buffalo Products, Inc. (Blue Buffalo) in the fourth quarter of fiscal 2019. See Note 4. General Mills Reports Fiscal 2021 Second-Quarter Results, https://www.businesswire.com/news/home/20201217005527/en/, Adjusted diluted earnings per share growth, on a constant-currency basis. Our adjusted effective tax rate was 20.7 percent in fiscal 2020 compared to 21.8 percent in fiscal 2019 (see Note 7 below for a description of our use of measures not defined by GAAP). (h) Gain on the sale of our yogurt business in China. Acquisition transaction and integration costs (h), Mark-to-market effects, net of tax (c)(n), Hyperinflationary accounting, net of tax (e)(n), Investment activity, net, net of tax (f)(n), Acquisition transaction and integration costs, net of tax (h)(n), CPW restructuring charges, net of tax (l). Our fiscal year ends on the last Sunday in May. See Note 3. General Mills will issue pre-recorded management remarks today, December 17, 2020, at approximately 6:30 a.m. Central time (7:30 a.m. Eastern time) and will hold a live, webcasted question and answer session beginning at 8:00 a.m. Central time (9:00 a.m. Eastern time). In fiscal 2020, we did not undertake any new restructuring actions. Constant-currency Segment Operating Profit Growth Rates. GENERAL MILLS FISCAL 2019 FOURTH-QUARTER RESULTS. A look into the TipRanks database reveals two midstream companies that have come to Raymond James’ attention – for all of the points noted above. (f) Valuation losses on certain corporate investments in fiscal 2020. Adjusted diluted EPS of $3.61 was up 12 percent in constant currency, primarily reflecting higher adjusted operating profit, lower net interest expense, a lower adjusted effective tax rate, higher non-service benefit plan income, and higher after-tax earnings from joint ventures, partially offset by higher average diluted shares outstanding. Highly shorted stocks are being targeted by some investors trying to force people who have bet the prices will fall into covering. Frankly, I’m surprised they didn’t close much lower than here.”The epic short squeeze has set off a search for other companies that might be similarly vulnerable, with Express Inc., Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. among stocks surging on Wednesday.“The thing about these manias is there’s always enough people who make 600% or 1,000% and tell everybody about it that everybody gets excited about it,” said Anne Stevenson-Yang. The pre-recorded remarks and the webcast will be made available at www.generalmills.com/investors. (f) Integration costs resulting from the acquisition of Blue Buffalo in fiscal 2018. These forward-looking statements, including the statements under the caption “Outlook”, and statements made by Mr. Harmening, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. General Mills Inc. GIS, -2.67% stock rose nearly 1% in Thursday premarket trading after the food manufacturer reported fiscal second-quarter earnings and sales that beat expectations. Third-quarter demand trends are expected to be generally consistent with recent months, due to ongoing virus concerns in many markets around the world. For the full year, Europe & Australia net sales decreased 3 percent to $1.84 billion, including 3 points of unfavorable foreign currency exchange and 2 points of additional sales from the 53rd week. Stocks dipped Wednesday as investors awaited another batch of corporate earnings results and the Federal Open Market Committee’s (FOMC) January monetary policy decision. Lower away-from-home food demand reduced growth for the Convenience Stores & Foodservice and Asia & Latin America segments. (g) Integration costs resulting from the acquisition of Blue Buffalo in fiscal 2018. Operating Segment Results and Supplementary Information. The 10.1 percentage point increase in our effective tax rate as compared to the prior year was primarily due to the recognition of a capital loss carryback benefit of $73 million in the fourth quarter of fiscal 2019. In connection with these actions, we recorded $80 million of restructuring charges, consisting of $23 million of severance expense and $57 million of other costs, primarily asset write-offs. We recorded $50 million of restructuring charges for previously announced restructuring actions. (e) Valuation adjustments of certain corporate investments in fiscal 2021. Meals & Baking, 26 percent growth in U.S. Cereal, 12 percent growth in Canada, 10 percent growth in U.S. Snacks, and 10 percent growth in U.S. Yogurt. See Note 4. We believe that these constant-currency measures provide useful information to investors because they provide transparency to underlying performance by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given volatility in foreign currency exchange markets. And while overhead for energy companies is high, they still have a market for their deliverables, leading to a ready cash flow – which can be used, among other things, to pay the dividends. DCP controls a network of gas pipelines, hubs, storage facilities, and plants stretching between the Rocky Mountain, Midcontinent, and Permian Basin production areas and the Gulf Coast of Texas and Louisiana. MPLX LP (MPLX) MPLX, which spun off of Marathon Petroleum eight years ago as a separate midstream entity, acquires, owns, and operates a series of midstream assets, including pipelines, terminals, refineries, and river shipping. See Note 3. Vice President Investor Relations General Mills released robust second-quarter fiscal 2021 results, with the top and the bottom lineincreasing year over year. General Mills expects that the COVID-19 pandemic will drive continued elevated consumer demand for food at home, relative to pre-pandemic levels, through the remainder of fiscal 2021. (a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. The Committee holds two meetings a year (spring and fall) at the AGC office in Lansing. You must click the link in the email to activate your subscription. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2020 net sales of U.S. $17.6 billion. See Note 4. Fiscal 2018 represented acquisition transaction and integration costs and interest, net related to the debt issued to finance the acquisition. For those unfamiliar, Bengen’s research left us with the 4% rule, which is considered (rightly or wrongly) the holy grail of retirement planning in some circles. At the same time, it’s become a major headache for institutional investors betting it would fall.“It is unwise to try to stand on principle against an angry mob,” said Wedbush Securities Inc. analyst Michael Pachter, who had a price target of $16 for GameStop as of Jan. 11. In fiscal 2020, unallocated corporate expense increased $169 million to $509 million compared to $340 million last year, primarily driven by compensation and benefits expenses. (a) Discrete tax benefit related to the reorganization of certain wholly owned subsidiaries in fiscal 2020 and a discrete tax benefit related to a capital loss carryback recorded in fiscal 2019. (c) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. We also recorded a $15 million charge related to the impairment of certain manufacturing assets in our North America Retail and Asia & Latin America segments. (h) Impairment charges related to certain manufacturing assets in our North America Retail and Asia & Latin America segments. Organic net sales increased 10 percent. (k) See reconciliation of adjusted effective income tax rate below for tax impact of adjustment. On this morning’s live webcast, Ken Powell, chairman and CEO, Don Mulligan, executive vice president and chief financial officer, and Ann Simonds, senior vice president and president of Baking Products, discussed the company’s results and provided a look ahead to the fourth quarter. See Note 4. Early in the corona crisis, the company had to cut back that payment – but only once. Organic net sales increased 4 percent, reflecting positive organic pound volume and favorable organic net price realization and mix. General Mills First Quarter Fiscal 2021. We believe this measure provides useful information to investors because it presents the adjusted effective tax rate on a comparable year-to-year basis. 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