Vending

General Mills Q4 2021 sales, earnings plummet

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June 30, 2021

General Mills Inc. reported net sales declined from $5.02 billion in Q4 2020 to $4.5 billion in the quarter ending May 30, 2021, according to an earnings release. This included a five-point headwind from an extra week of results in last year's fourth quarter and two points of favorable foreign currency exchange.

Net earnings fell 33% from $625.7 million in Q4 2020 to $416.8 million in Q4 2021.

Basic earnings per share fell 34% from $1.03 to 68 cents in the comparable quarters, while diluted earnings per share fell from $1.02 to 68 cents. Adjusted diluted EPS fell from $1.10 in Q4 2020 to 91 cent in Q4 2021.

Organic net sales were down 6%, driven by lower organic pound volume reflecting the comparison against the surge in at-home food demand at the outset of the pandemic in the prior year. On a two-year compound growth basis, relative to pre-pandemic levels, fourth-quarter organic net sales were up 4%.

The $4.52 billion in revenue beat analyst expectations by $160 million, while the Non-GAAP EPS for Q4 2021 of 91 cents beat expectations by 6 cents and the Non-GAAP EPS of 68 cents missed by 17 cents, according to Seeking Alpha.

Basic earnings per share rose from $3.59 in fiscal 2020 to $3.81 in 2021, while diluted earnings per share rose from $3.56 to $3.78.

Shares traded today at $60.79 against a 52-week range of $53.51-$64.65.

"I'm pleased with the results the General Mills team delivered in fiscal 2021 under difficult circumstances," General Mills Chairman and CEO Jeff Harmening said in a prepared statement. "We competed effectively, generated strong top- and bottom-line growth, and further improved our balance sheet, allowing us to resume dividend growth and share repurchases."

Net sales rose 3%from $17.6 billion in fiscal to 2020 to $18.13 billion in fiscal 2021 on an unaudited basis.

Net earnings rose from $2.18 billion in fiscal 2020 to $2.34 billion in 2021.

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