General Mills, Inc. has a market cap of $32.1 billion; its shares were traded at around $50.02 with a P/E ratio of 17.90 and P/S ratio of 1.80. The dividend yield of General Mills, Inc. stocks is 2.80%. General Mills, Inc. had an annual average earning growth of 6.8% over the past 10 years. GuruFocus rated General Mills, Inc. the business predictability rank of 5-star.
Highlight of Business Operations:For the first quarter of fiscal 2014, net sales grew 8 percent to $4,373 million. This includes 5 percentage points of growth contributed by new businesses, primarily Yoki and Yoplait Canada. Total segment operating profit of $812 million was 6 percent higher than the first quarter of fiscal 2013. Diluted earnings per share (EPS) of $0.70 was down 15 percent compared to the first quarter of fiscal 2013. Diluted EPS excluding certain items affecting comparability of $0.70 increased 6 percent compared to the first quarter of fiscal 2013 (see the Non-GAAP Measures section below for our use of this measure and our discussion of the items affecting comparability).
Cost of sales increased $337 million from the first quarter of fiscal 2013 to $2,760 million. This increase was driven by a $210 million increase attributable to higher volume and a $44 million increase attributable to product mix. In the first quarter of fiscal 2014, we recorded a $1 million net increase in cost of sales related to the mark-to-market valuation of certain commodity positions and grain inventories compared to a net decrease of $82 million in the first quarter of fiscal 2013.
After-tax earnings from joint ventures increased to $24 million compared to $23 million in the same quarter last fiscal year. In the first quarter of fiscal 2014, net sales for Cereal Partners Worldwide increased 1 percent driven by net price realization and mix, as volume was flat compared to the same quarter of fiscal 2013. Net sales for Häagen-Dazs Japan decreased 20 percent due to a 20 percentage point decrease from unfavorable foreign currency exchange and a 4 percentage point decrease due to unfavorable net price realization and mix, partially offset by 4 percentage points of contributions from volume growth.
Segment operating profit increased 6 percent to $612 million in the first quarter of fiscal 2014 compared to the same period of fiscal 2013. The increase was driven by favorable net price realization and mix, partially offset by a 4 percent increase in advertising and media expense.
Segment operating profit of $126 million in the first quarter of fiscal 2014 was flat compared to the same period last year as growth driven by the Yoki acquisition was offset by unfavorable foreign currency exchange and a 15 percent increase in advertising and media expense.
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