General Mills 1Q 2012 GAAP Earnings $0.61 Per Share Misses By a Penny

Posted on September 21, 2011


General Mills reported earnings of 405.6 million or $0.61 per diluted share. Analysts were expecting earnings of $0.62 per share. Gross, operating and net margins were all lower than a year ago.

HIGHLIGHTS FROM EARNINGS RELEASE

  • Net sales grew 9 percent to $3.85 billion. The international Yoplait acquisition contributed 3 points of net sales growth.
  • Segment operating profit declined 3 percent to $727 million reflecting significantly higher input costs year-over-year.
  • Diluted earnings per share (EPS) totaled 61 cents.
  • First quarter adjusted diluted EPS, which excludes the effects of mark-to-market valuation of certain commodity positions, totaled 64 cents, matching year-ago results.

Read complete earnings release.

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