Minneapolis / MN. (gm) General Mills Inc. reported results for the fourth quarter and fiscal year ended May 31, 2020. Fiscal 2020 was a 53-week year, with the extra week falling in the fourth quarter.
Fourth Quarter Highlights
- Net sales increased 21 percent to USD 5.0 billion and organic net sales¹ were up 16 percent, primarily reflecting a significant increase in at-home food demand driven by the Covid-19 pandemic.
- Operating profit of USD 830 million increased 16 percent; constant-currency adjusted operating profit was up 24 percent.
- Diluted earnings per share (EPS) of USD 1.02 were up 9 percent; adjusted diluted EPS of USD 1.10 increased 33 percent in constant currency.
Full Year Highlights
- Net sales of USD 17.6 billion increased 5 percent from the prior year; organic net sales were up 4 percent.
- Operating profit increased 17 percent to USD 3.0 billion; constant-currency adjusted operating profit was up 7 percent.
- Diluted EPS of USD 3.56 were up 23 percent; adjusted diluted EPS of USD 3.61 increased 12 percent in constant currency.
- Cash from operations totaled USD 3.7 billion, up 31 percent; free cash flow of USD 3.2 billion increased 42 percent. The company beat its fiscal 2020 deleverage target.
«I’m proud of the way our organization has remained focused on serving the needs of our consumers and communities while protecting the health and safety of our employees throughout the Covid-19 pandemic,» said General Mills Chairman and Chief Executive Officer Jeff Harmening. «Amid significant challenge and change in the world around us, General Mills adapted and executed in fiscal 2020 to deliver outstanding financial results while fulfilling our purpose of making food the world loves. We’ve demonstrated extraordinary agility to meet the unprecedented increase in demand for food at home and to win across our categories.
«As we turn to fiscal 2021, we’ll maintain a sharp focus on the near-term opportunity to meet continued elevated demand while continuing to advance our long-term strategies by investing to build our brands, strengthen our innovation, and enhance our strategic capabilities. I remain confident that General Mills will emerge from the pandemic a stronger company.»
For additional information please read General Mills’ PDF file below (136 KB).
20200702-GENERALMILLS-FY-2020.