Stock Analysis on Net
Stock Analysis on Net

General Mills Inc. (NYSE:GIS)

This company has been moved to the archive! The financial data has not been updated since December 18, 2019.

Common-Size Income Statement
Quarterly Data

General Mills Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Nov 24, 2019 Aug 25, 2019 May 26, 2019 Feb 24, 2019 Nov 25, 2018 Aug 26, 2018 May 27, 2018 Feb 25, 2018 Nov 26, 2017 Aug 27, 2017 May 28, 2017 Feb 26, 2017 Nov 27, 2016 Aug 28, 2016 May 29, 2016 Feb 28, 2016 Nov 29, 2015 Aug 30, 2015 May 31, 2015 Feb 22, 2015 Nov 23, 2014 Aug 24, 2014 May 25, 2014 Feb 23, 2014 Nov 24, 2013 Aug 25, 2013
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -64.51 -65.28 -64.89 -65.63 -65.78 -67.20 -63.52 -67.67 -65.63 -65.24 -65.33 -65.53 -63.05 -63.74 -64.95 -66.08 -65.18 -63.06 -64.75 -68.38 -65.64 -66.29 -65.40 -65.44 -63.87 -63.11
Gross margin 35.49% 34.72% 35.11% 34.37% 34.22% 32.80% 36.48% 32.33% 34.37% 34.76% 34.67% 34.47% 36.95% 36.26% 35.05% 33.92% 34.82% 36.94% 35.25% 31.62% 34.36% 33.71% 34.60% 34.56% 36.13% 36.89%
Selling, general, and administrative expenses -17.17 -17.96 -17.86 -16.59 -17.08 -18.14 -18.17 -16.87 -16.95 -18.02 -18.22 -18.13 -17.22 -18.22 -19.84 -18.88 -17.46 -19.28 -19.21 -18.14 -17.94 -20.32 -20.21 -19.24 -18.27 -20.02
Divestiture gain (loss) 0.00 0.00 0.13 -0.84 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.33 0.00 -1.33 0.04 4.50 0.00 0.00 0.00 0.00 0.00 1.53 0.00 0.00 0.00
Restructuring, impairment, and other exit (costs) recoveries 0.02 -0.20 -0.18 -1.42 -4.75 0.03 -3.89 -0.19 -0.04 -0.14 -0.45 -2.05 -0.71 -1.51 -0.33 -0.42 -1.39 -1.43 -6.19 -1.13 -4.55 -0.33 0.00 0.00 -0.01 -0.06
Operating profit 18.35% 16.55% 17.21% 15.51% 12.40% 14.69% 14.42% 15.27% 17.38% 16.60% 16.00% 14.30% 18.70% 16.53% 13.55% 14.65% 20.47% 16.24% 9.85% 12.35% 11.86% 13.06% 15.92% 15.32% 17.85% 16.80%
Benefit plan non-service income 0.68 0.75 0.59 0.51 0.48 0.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest, net -2.70 -2.97 -3.00 -3.12 -3.01 -3.26 -3.52 -2.30 -1.78 -1.92 -1.82 -2.01 -1.84 -1.89 -1.97 -1.93 -1.67 -1.79 -1.85 -1.84 -1.64 -1.84 -1.85 -1.72 -1.41 -1.80
Earnings before income taxes and after-tax earnings from joint ventures 16.33% 14.34% 14.80% 12.91% 9.87% 11.94% 10.90% 12.97% 15.60% 14.68% 14.18% 12.29% 16.86% 14.63% 11.57% 12.72% 18.80% 14.45% 8.00% 10.51% 10.22% 11.22% 14.06% 13.59% 16.44% 15.00%
Income taxes -3.52 -1.68 -1.31 -2.28 -2.42 -2.70 -2.22 11.14 -5.59 -4.47 -3.79 -2.82 -5.53 -4.52 -2.23 -3.94 -7.04 -4.72 -3.82 -2.68 -3.26 -3.58 -4.76 -4.59 -5.47 -4.85
After-tax earnings from joint ventures 0.56 0.54 0.48 0.28 0.51 0.43 0.53 0.43 0.57 0.63 0.52 0.29 0.72 0.62 0.59 0.40 0.52 0.61 0.42 0.30 0.58 0.61 0.39 0.52 0.54 0.55
Net earnings, including earnings attributable to redeemable and noncontrolling interests 13.38% 13.20% 13.97% 10.91% 7.96% 9.67% 9.21% 24.53% 10.57% 10.84% 10.92% 9.76% 12.06% 10.73% 9.94% 9.19% 12.29% 10.34% 4.60% 8.13% 7.54% 8.26% 9.70% 9.53% 11.50% 10.71%
Net earnings attributable to redeemable and noncontrolling interests -0.24 -0.20 -0.26 -0.26 -0.18 -0.09 -0.10 -0.29 -0.32 -0.10 -0.18 -0.33 -0.34 -0.27 -0.27 -0.15 -0.32 -0.20 -0.26 -0.24 -0.20 -0.17 -0.25 -0.15 -0.22 -0.20
Net earnings attributable to General Mills 13.14% 13.01% 13.70% 10.64% 7.78% 9.58% 9.11% 24.25% 10.25% 10.74% 10.74% 9.43% 11.72% 10.47% 9.66% 9.04% 11.97% 10.14% 4.35% 7.89% 7.34% 8.09% 9.44% 9.38% 11.28% 10.50%

Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24), 10-K (reporting date: 2014-05-25), 10-Q (reporting date: 2014-02-23), 10-Q (reporting date: 2013-11-24), 10-Q (reporting date: 2013-08-25).

The financial performance of the organization over the period from August 2013 to November 2019 exhibits a general trend of stability in core margins, characterized by periodic volatility in non-operating expenses and a gradual improvement in operational efficiency.

Gross Profitability and Cost Management
Gross margins fluctuated between a low of 31.62% in February 2015 and peaks near 36.9% in August 2013 and November 2016. A period of margin compression was observed between late 2013 and early 2015, followed by a recovery and subsequent stabilization. For the majority of the latter half of the analyzed period, the gross margin remained consistently within the 34% to 35% range, suggesting a stabilized cost of sales relative to net revenue.
Operating Efficiency and Expenses
Selling, general, and administrative (SG&A) expenses demonstrate a gradual downward trend, decreasing from approximately 20% of net sales in 2013 to a range of 17% to 18% by 2019. This contraction in SG&A as a percentage of sales contributed to the maintenance of operating profit margins, which generally oscillated between 12% and 18%, despite intermittent volatility caused by restructuring costs and divestiture gains or losses.
Financial Charges and Tax Impacts
Interest expenses remained relatively stable at approximately 1.8% of net sales until early 2018, at which point a significant increase occurred, with costs peaking at 3.52% in May 2018 and remaining elevated above 2.7% through November 2019. Income tax contributions showed substantial variance, most notably in February 2018, where a tax benefit of 11.14% of net sales was recorded, creating a significant non-recurring spike in bottom-line profitability.
Net Earnings Trends
Net earnings attributable to the company typically ranged from 7% to 13% of net sales. Excluding the anomalous tax benefit in February 2018, which drove net earnings to 24.25%, a positive trend is observable toward the end of the period. Net earnings increased from a low of 4.35% in May 2015 to a more consistent range of 13% by late 2019, reflecting improved net profitability despite the increased burden of interest expenses.

AI Ask an analyst for more