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General Mills Inc (GIS)

GIS on New York Consolidated

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22 Sep 2017
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Latest Key Developments (Source: Significant Developments)

General Mills updates key financial targets for fiscal 2017
Friday, 17 Feb 2017 08:04am EST 

General Mills Inc : General Mills updates key financial targets for fiscal 2017 . General Mills Inc - General Mills fiscal 2017 organic net sales are now expected to decline approximately 4 percent . Says fiscal 2017 organic net sales are now expected to decline approximately 4 percent . General Mills Inc - company expects to deliver an adjusted operating profit margin of at least 18 percent in fiscal 2017 . General Mills Inc - fiscal 2017 adjusted diluted earnings per share (EPS) are expected to increase 5 to 7 percent in constant currency . General Mills Inc - fiscal 2017 adjusted diluted earnings per share are expected to increase 5 to 7 percent in constant currency . Company expects FY17 free cash flow to increase at a mid single-digit rate . General Mills Inc - remains on track to deliver $380 million in cost-of-goods savings from holistic margin management . General Mills Inc- total segment operating profit growth in constant currency is expected to range from down 1 percent to up 1 percent for 2017 . General Mills - in response to revised second-half growth expectations driven by recent sales performance on u.s. Yogurt, soup, reducing 2017 sales, earnings outlook . General Mills Inc - for fiscal 2017, currently expect impact of foreign currency exchange rates to decrease net sales growth by 100-200 basis points . FY2017 earnings per share view $3.08, revenue view $15.69 billion -- Thomson Reuters I/B/E/S.  Full Article

General Mills files for potential notes offering, size not disclosed
Monday, 9 Jan 2017 10:40am EST 

General Mills Inc : Files for potential notes offering, size not disclosed - sec filing .Notes will be issued only in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  Full Article

General Mills reports fiscal 2017 second-quarter results
Tuesday, 20 Dec 2016 06:52am EST 

General Mills Inc : General Mills reports fiscal 2017 second-quarter results . General Mills Inc says second-quarter net sales for General Mills' U.S. retail segment totaled $2.52 billion, down 9 percent from prior year . General Mills Inc says currency translation is now expected to reduce full-year adjusted diluted EPS by 1 cent in 2017 . Says company now expects free cash flow to increase at a high single-digit rate in 2017 . Says qtrly U.S. retail segment operating profit increased 2 percent, primarily driven by benefits from cost savings initiatives . Fy2017 earnings per share view $3.09, revenue view $16.00 billion -- Thomson Reuters I/B/E/S . Second-Quarter net sales for General Mills' international segment totaled $1.10 billion, down 5 percent from prior year . 2017 organic net sales growth now expected to decline between 3 and 4 percent, below previous range of flat to down 2 percent . Says constant-currency total segment operating profit is now expected to increase 2 to 4 percent in 2017 . Q2 adjusted earnings per share $0.85 excluding items . Q2 earnings per share $0.80 . Q2 sales $4.1 billion versus I/B/E/S view $4.23 billion .Q2 earnings per share view $0.86 -- Thomson Reuters I/B/E/S.  Full Article

General Mills expects to eliminate approximately 400 - 600 positions globally
Monday, 5 Dec 2016 10:10am EST 

General Mills Inc : Expects to eliminate approximately 400 - 600 positions globally . On December 5, company approved restructuring actions designed to better align its organizational structure with its strategic initiatives . Restructuring actions are expected to be completed by end of fiscal 2018 - SEC filing . Expects to record total pre-tax restructuring charges of about $60 to $90 million, reflecting primarily one-time, cash employee separation expenses .Restructuring actions are expected to be completed by end of fiscal 2018.  Full Article

General Mills says is eliminating position of international chief operating officer
Monday, 5 Dec 2016 10:06am EST 

General Mills Inc : Company is eliminating position of international chief operating officer . Effective Jan. 1, 2017, four business groups will report directly to Jeff Harmening, each led by a group president .Capability investments, savings generated by new changes will "help" co deliver fiscal 2018 adjusted operating profit margin target of 20 percent.  Full Article

General Mills sells plant in Indiana to Investor Group
Tuesday, 15 Nov 2016 11:15am EST 

New Mill Capital Holdings: New owners of plant intend to auction the remaining equipment in early 2017 . JV between New Mill Capital Holdings, Tiger Capital Group acquired former dough-products manufacturing plant from General Mills . Deal, which included large portion of production equipment that was used in plant, closed on Nov. 14 for undisclosed price .General Mills sells plant in Indiana and Tiger Group purchases 455,000-square- foot facility in New Albany, Indiana.  Full Article

General Mills announces anticipated departure of Christopher O'Leary
Wednesday, 12 Oct 2016 08:28am EDT 

General Mills Inc : General Mills Inc - announced anticipated departure of Christopher O'Leary, executive vice president and chief operating officer, international . General Mills Inc - O'Leary to remain in his current role until Dec. 31, 2016; he will thereafter serve in advisory role during transition period .General Mills Inc -Jeffrey Harmening, president, chief operating officer, to assume direct accountability for international operations on Jan. 1, 2017.  Full Article

General Mills increases FY dividend by 8 percent to $1.92 per share
Tuesday, 27 Sep 2016 05:25pm EDT 

General Mills Inc : Says declared a quarterly dividend at prevailing rate of $0.48 per share .Increases FY dividend by 8 percent to $1.92 per share.  Full Article

General Mills makes leadership changes in U.S. Retail and Europe-Australasia businesses
Tuesday, 30 Aug 2016 09:30am EDT 

General Mills Inc : General mills announces leadership changes in U.S. Retail and Europe-Australasia businesses . Jon Nudi has been named senior vice president; president, U.S. Retail, one of company's three operating segments . Says U.S. Retail role was previously held by Jeff Harmening .Replacing Nudi in Europe will be Bethany Quam who has been promoted to senior vice president, president, Europe,Australasia region.  Full Article

General Mills CEO Kendall J. Powell's 2016 total compensation $11 mln
Monday, 15 Aug 2016 05:30pm EDT 

General Mills Inc : CEO Kendall J. Powell's 2016 total compensation was $11 million versus $13.4 million in 2015 - SEC Filing . Says CFO Donal L. Mulligan FY 2016 total compensation $3.9 million versus $4.7 million in FY 2015 Source - http://bit.ly/2b7idsL Further company coverage: [GIS.N] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

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General Mills profit misses as U.S. yogurt sales sour

General Mills Inc reported a smaller-than-expected quarterly profit as yogurt and cereal sales declined in North America, sending the company's shares down 9 percent to their lowest levels in nearly two years.