General Mills (GIS) reported earnings on Wed 19 Dec 18 (b/o)

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General Mills beats by $0.04, misses on revs; reaffirms FY19 EPS guidance

• Reports Q2 (Nov) earnings of $0.85 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.81; revenues rose 5.0% year/year to $4.41 bln vs the $4.51 bln S&P Capital IQ Consensus.
• Gross margin decreased 20 basis points to 34.2 percent of net sales.
• Co reaffirms guidance for FY19, sees EPS of down 0-3% to ~$3.02-3.11 vs. $3.06 S&P Capital IQ Consensus; sees FY19 revs of 9-10% to $17.16-17.31 bln, may not be comparable to $17.06 bln S&P Capital IQ Consensus.

Earnings this week : December 17 - 21, 2018 (wk 51)

Earnings confirmed to report next week

Monday (Dec 17) 

• Morning: None
• Afternoon: HEI ORCL RHT

Tuesday (Dec 18)

• Morning: DRI FDS NAV WOR
• Afternoon: ABM AIR FDX JBL MU SCS 

Wednesday (Dec 19)

• Morning: GIS NCS PAYX WGO
• Afternoon: MLHR PIR RAD REVG

Thursday (Dec 20)

• Morning: ACN APOG ATU BB CAG CCL CTAS NEOG  SAFM SCHL SID WBA
• Afternoon: CAMP CTAS NKE  

Friday (Dec 21)

• KMX

=General Mills (GIS) reported earnings on Tue 18 Sept 18 (b/o)

General Mills beats by $0.07, reports revs in-line; reaffirms FY19 EPS guidance, revs guidance 

• Reports Q1 (Aug) earnings of $0.71 per share, $0.07 better than the S&P Capital IQ Consensus of $0.64; revenues rose 8.6% year/year to $4.09 bln vs the $4.12 bln S&P Capital IQ Consensus.
• Coreaffirms guidancefor FY19, sees EPS of down 0-3% to ~$3.02-3.11 vs. $3.05 S&P Capital IQ Consensus; sees FY19 revs of +9-10% YoY to $1.71 bln vs. $17.16 bln S&P Capital IQ Consensus.

Earnings expected this week : Sept 17 - 21, 18 (wk 38)

Earnings confirmed for this week

Monday (Sept 17) 

• Morning: None
• Afternoon: FDX  ORCL

Tuesday (Sept 18)

• Morning: APOG AZO CBRL GIS 
• Afternoon: None

Wednesday (Sept 19)

• Morning: CPRT
• Afternoon: MLHR  RHT

Thursday (Sept 20)

• Morning: DRI   THO
• Afternoon: MU  SCS  UNFI

Friday (Sept 21)

• Morning: None

=General Mills (GIS) reported earnings on Wed 21 March 18 (b/o)

General Mills beats by $0.01, reports revs in-line; guides FY18 EPS below consensus 

• Reports Q3 (Feb) earnings of $0.79 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.78; revenues rose 2.3% year/year to $3.88 bln vs the $3.87 bln Capital IQ Consensus.
  • Adjusted operating profit margin decreased 120 basis points to 15.7 percent, primarily reflecting lower adjusted gross margin, partially offset by lower selling, general, & administrative expense (SG&A), including a 22 percent decrease in advertising and media expense.
• Co issues downside guidance for FY18, sees EPS of $3.08-3.11, excluding non-recurring items, vs. $3.17 Capital IQ Consensus Estimate.
  • Organic net sales are expected to be in line with last year, which is unchanged from previous guidance. This represents a 400 basis point improvement over the fiscal 2017 growth rate.
  • Constant-currency total segment operating profit is now expected to decline 5-6 %, compared to the previous expectation of a range between down 1% and flat. The change in outlook was driven by higher-than-expected supply chain costs, including freight and logistics, commodities, and other operational costs
  • Constant-currency adj. EPS is now expected to range b/t flat and up 1% from the base of $3.08 earned in fiscal 2017, compared to the previous guidance of a 3-4% increase. The company now estimates currency translation will be a 3 cent benefit to FY 18 adj. EPS.

Blue Buffalo (BUFF) to be acquired by General Mills (GIS) for $40/share

  

 

Blue Buffalo confirms deal to be acquired by General Mills (GIS) for $40/share in cash, or approximately $8 bln 

The transaction establishes General Mills as the leader in the U.S. Wholesome Natural pet food category, the fastest growing portion of the overall pet food market, and accelerates its portfolio reshaping strategy. The transaction will be immediately accretive to General Mills net sales growth and operating margin profile, and is expected to be neutral to cash EPS in fiscal 2019 and accretive in fiscal 2020.

• Following the transaction, General Mills' pro forma net debt-to-EBITDA ratio is expected to be approximately 4.2x. General Mills is committed to maintaining an investment grade rating and expects to deleverage to approximately 3.5x by the end of fiscal 2020. General Mills expects to maintain its $0.49/share quarterly dividend and suspend its current share repurchase program while it prioritizes achieving its leverage target.
• The transaction, which has been approved by the Boards of Directors of General Mills and Blue Buffalo, is subject to regulatory approvals and other customary closing conditions, and is expected to close by the end of General Mills' fiscal 2018.

Blue Buffalo beats by $0.06, beats on revs; guides FY18 EPS, revs above consensus 

• Reports Q4 (Dec) earnings of $0.27 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.21; revenues rose 14.2% year/year to $336.96 mln vs the $320.58 mln Capital IQ Consensus.
• Co issues upside guidance for FY18, sees EPS of $1.20-1.24, excluding non-recurring items, vs. $1.08 Capital IQ Consensus Estimate; sees FY18 revs of $1.4-1.43 bln vs. $1.39 bln Capital IQ Consensus Estimate. 

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=General Mills (GIS) reported earnings on Wed 23 March 2016 (b/o)

General Mills beats by $0.03, misses on revs; reaffirms FY16 guidance :

• Reports Q3 (Feb) earnings of $0.65 per share, excluding non-recurring items,$0.03 better than the Capital IQ Consensus of $0.62; revenues fell 8.0% year/year to $4 bln vs the $4.08 bln Capital IQ Consensus. FX reduced net sales growth by 4 percentage points. Pound volume reduced net sales growth by 5 percent, and net price realization and mix contributed 1 point of net sales growth. The divestiture of the Green Giant business in November 2015 reduced net sales growth by 3 points and pound volume by 4 points.
  • Adjusted gross margin increased 160 bps due to benefit from cost savings initiatives more than offsetting modest input cost inflation.
  • Total segment operating profit totaled $679 million, down 3%. In constant currency, total segment operating profit declined 1%.
• "We anticipate the impact of the Green Giant sale, continued foreign exchange headwinds, and the comparison to the year-ago period that included an extra week will result in a reported decline in fourth-quarter net sales, total segment operating profit, and adjusted diluted EPS. However, on a comparable basis, we expect our net sales growth to turn positive as our Consumer First efforts continue to take hold. For the full year, we are confident that we will deliver the growth goals we updated in December."
• General Mills reaffirmed its 2016 full-year growth outlook, which includes the impact of the Green Giant divestiture. Net sales in constant currency are expected to decline at a low single-digit rate from the 2015 levels that included a 53rd week (consensus -5.6% including FX). Total segment operating profit is expected to essentially match last year's levels in constant currency. Constant-currency adjusted diluted EPS is expected to grow at a low single-digit rate from the base of $2.86 earned in fiscal 2015 (consensus $2.85). The company estimates an 8-cent headwind from currency translation in 2016.

General Mills (GIS) reported earnings on Thur 17 Dec 2015 (b/o)

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General Mills misses by $0.01, misses on revs; adjusts FY16 outlook as result of Green Giant divestiture:

Reports Q2 (Nov) earnings of $0.82 per share, $0.01 worse than the Capital IQ Consensus of $0.83; revenues fell 6.1% year/year to $4.42 bln vs the $4.63 bln Capital IQ Consensus. General Mills revised its 2016 full-year growth targets to reflect the impact of the Green Giant divestiture. General Mills expects the transaction will reduce fiscal 2016 net sales growth and total segment operating profit growth by approximately 2 percentage points each, and will be dilutive to fiscal 2016 earnings per share by approximately 7 cents, excluding the gain on sale.

• Net sales in constant currency are now expected to decline at a low single-digit rate from the 2015 levels that included a 53rd week. (Prior: Net sales in constant currency are expected to essentially match the 2015 levels that included a 53rd week.)
• Total segment operating profit is expected to essentially match last year's levels in constant currency. (Prior: Total segment operating profit is expected to grow at a low single-digit rate in constant currency.)
• Constant-currency adjusted diluted EPS is expected to grow at a low single-digit rate from the base of $2.86 earned in fiscal 2015. At current exchange rates, the company estimates a 9-cent headwind from currency translation in 2016. (Prior: Constant-currency adjusted diluted EPS is expected to grow at a mid single-digit rate from the base of $2.86 earned in fiscal 2015. At current exchange rates, the company estimates a 9-cent headwind from currency translation in 2016.)
• In the first half of fiscal 2016, General Mills announced incremental actions related to Project Century in North America and in our Europe region. The company now is targeting $450 million in cumulative cost savings by fiscal 2017 and $500 million by fiscal 2018 from the combination of Project Century, Project Catalyst, Project Compass, and our policies and practices update, including zero-based budgeting.