General Mills Outlines Key FY18 Targets - Quick Facts

(RTTNews) - General Mills (GIS) announced its fiscal 2018 constant-currency adjusted EPS is expected to increase 1 to 2 percent from the base of $3.08 earned in fiscal 2017. The company estimates a 1 cent headwind from currency translation on full-year fiscal 2018 adjusted EPS. Organic net sales are expected to decline 1 to 2 percent. For fiscal 2018, the company expects: constant-currency total segment operating profit to be in a range between flat and up 1 percent. Adjusted operating profit margin is expected to be above year-ago levels.

For the fourth-quarter, General Mills reported adjusted EPS of $0.73, up 11 percent from the prior year. Constant-currency adjusted EPS increased 14 percent. Total segment operating profit of $673 million was up 4 percent in constant currency. Earnings per share was $0.69, increased 11 percent, driven by higher net earnings and 4 percent fewer average diluted shares outstanding.

Fourth-quarter reported net sales declined 3 percent to $3.81 billion. Organic net sales also declined 3 percent, primarily reflecting volume reductions in the North America Retail and Europe & Australia segments, which were partially offset by benefits from positive net price realization and mix.

Full year 2017 adjusted EPS increased 5 percent to $3.08. Constant-currency adjusted EPS were up 6 percent. Total segment operating profit of $2.95 billion was down 1 percent in constant currency. Reported net sales declined 6 percent to $15.62 billion and organic net sales declined 4 percent.

The General Mills Board declared a quarterly dividend of $0.49 per share, payable August 1, 2017, to shareholders of record July 10, 2017. This represents an increase of 2 percent from the previous quarterly rate of $0.48 per share.