Burry’s holding has been cited by some of the traders who’ve flooded online forums in recent weeks with posts imploring their fellow punters to buy.GameStop’s 642% surge since Jan. 12 has captivated Wall Street, elicited a tweet from Elon Musk and routed short sellers including Gabe Plotkin’s Melvin Capital and Andrew Left’s Citron Research. 1-800-245-5703 or See Note 4. In fiscal 2020, we did not undertake any new restructuring actions. Net earnings attributable to General Mills totaled $626 million, up 10 percent from a year ago. Gross margin increased 70 basis points to 34.8 percent of net sales. (i) Discrete tax benefit related to a capital loss carryback. Adjusted Earnings Comparisons as a Percent of Net Sales. The company has a diversified set of midstream operations, and strong cash generation, factors leading Raymond James' Justin Jenkins to upgrade his stance on MPLX from Neutral to Outperform (i.e. A reconciliation of these measures to reported net sales growth rates, the relevant GAAP measures, are included in our Operating Segment Results above. During the global pandemic, General Mills’ most important objectives remain the continued health and safety of its employees and the ongoing ability to serve consumers around the world. The stock has been trimming gains since then, triggering at least four trading halts for volatility. Organic net sales increased 4 percent. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, acquisitions, divestitures, and a 53rd week, when applicable, have on year-to-year comparability. Net sales increased 18 percent in U.S. Operating profit margin of 16.5 percent was down 70 basis points. General Mills First Quarter Fiscal 2021. Adjusted operating profit of $3.0 billion increased 7 percent in constant currency, primarily driven by higher net sales, partially offset by higher SG&A expenses, including higher administrative and media expenses. Moreover, earnings and … General Mills (NYSE: GIS) today reported results for the fourth quarter and fiscal year ended May 31, 2020. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The new standard also simplifies the application of hedge accounting guidance. See Note 4. If you currently drive a car and pay for auto insurance you better read this. Segment operating profit as a % of net sales: Prepaid expenses and other current assets, Common stock, 754.6 shares issued, $0.10 par value, Common stock in treasury, at cost, shares of 143.2, 150.0 and 144.8. Former U.S. Fourth-quarter net sales for Cereal Partners Worldwide (CPW) increased 13 percent in constant currency, reflecting increased at-home food demand due to the COVID-19 pandemic. (h) Integration costs resulting from the acquisition of Blue Buffalo in fiscal 2018. (f) See reconciliation of adjusted effective income tax rate below for tax impact of each adjustment. For the full year, after-tax earnings from joint ventures increased 27 percent to $91 million, primarily driven by net sales growth and General Mills’ share of lower restructuring charges at CPW. Segment operating profit increased 9 percent to $702 million, primarily driven by higher volume and fixed cost leverage in the supply chain, partially offset by higher operational costs to service demand, the comparison to the prior-year period that included a timing-related manufacturing benefit, and higher media and other SG&A expenses. Boeing reported a huge Q4 loss as the aerospace giant recorded $8.3 billion in charges and delayed the entry of its 777X jet. A reconciliation of total segment operating profit to the relevant GAAP measure, operating profit, is included in the Statements of Operating Segment Results. (e) Valuation losses on certain corporate investments in fiscal 2020. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Additionally, fiscal 2021 net sales growth may be negatively impacted by a potential reduction in consumers’ at-home food inventory, which has been elevated during the pandemic. What Happened: It was revealed over the weekend that Speaker of the House and California Rep. Nancy Pelosi purchased 25 call options of Tesla Inc (NASDAQ: TSLA). Category. To present this information, current period results for entities reporting in currencies other than United States dollars are translated into United States dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year. See Note 4. (g) Integration costs resulting from the acquisition of Blue Buffalo in fiscal 2018. With exposure to inflecting G&P trends, an expected refining/refined product volume recovery, the story hits many operational boxes - while also straddling several financial debates… We also think solid 2020 financial results should give longer-term confidence…” Turning now to the rest of the Street, it appears that other analysts are generally on the same page. Second-quarter net sales for the Asia & Latin America segment increased 5 percent to $430 million, driven by volume growth and favorable net price realization and mix, partially offset by 5 points of unfavorable foreign currency exchange. In the most recent reported quarter – 3Q20 – DCP gathered and processed 4.5 billion cubic feet of gas per day, along with 375 thousand barrels of natural gas liquids. Additionally, the company has taken actions to reinforce its healthy liquidity position by refinancing short-term debt, and it has maintained its strong capital discipline, which helped contribute to a significant increase in free cash flow generation in fiscal 2020. Fiscal 2019 represented acquisition integration costs. In the fourth quarter of fiscal 2020, elevated at-home food demand accelerated net sales growth in the North America Retail segment, where a significant share of net sales comes from categories that were most impacted by at-home eating, including meals, baking, and cereal. The annualized rate of $1.56 gives a respectable yield of 7.8%. Our segments’ operating profit growth rates on a constant-currency basis are calculated as follows: Percentage Change in Full-year unallocated corporate items totaled $509 million net expense in fiscal 2020 compared to $340 million net expense a year ago. (f) CPW restructuring charges related to previously announced restructuring actions. Through six months, Europe & Australia net sales increased 8 percent to $958 million, including 4 points of favorable foreign currency exchange. In our view, this will create a beneficial operating environment for DCP cash flows that is not currently reflected in Street estimates,” Weston noted. ¹ Please see Note 7 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release. Note: Tables may not foot due to rounding. The company expects consumer concerns about COVID-19 virus transmission and the recession to drive elevated demand for food at home, relative to pre-pandemic levels. (l) Represents a legal recovery related to our Yoplait SAS subsidiary. The adjusted effective tax rate was 20.7 percent compared to 21.8 percent a year ago, primarily driven by the mix of earnings by market. See Note 3. MPLX LP (MPLX) MPLX, which spun off of Marathon Petroleum eight years ago as a separate midstream entity, acquires, owns, and operates a series of midstream assets, including pipelines, terminals, refineries, and river shipping. The content is intended to be used for informational purposes only. Impairment charges related to our Yoki, Mountain High, and Immaculate Baking brand intangible assets in fiscal 2018. His price target, at $28, implies a 22% one-year upside for the shares. See Note 4. We’ve demonstrated extraordinary agility to meet the unprecedented increase in demand for food at home and to win across our categories. A look into the TipRanks database reveals two midstream companies that have come to Raymond James’ attention – for all of the points noted above. The 5.0 percentage point increase was primarily due to a $53 million net benefit related to the reorganization of certain wholly owned subsidiaries and certain nonrecurring discrete tax benefits in fiscal 2020, partially offset by changes in earnings mix by jurisdiction in fiscal 2021. (e) Discrete tax benefit related to the reorganization of certain wholly owned subsidiaries. The BLUE brand continued to win with pet parents across sub-segments, with double-digit net sales growth for both dog food and cat food, more than 25 percent growth for wet food, and approximately 40 percent growth for treats. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-to-year basis. (a) Earnings before income taxes and after-tax earnings from joint ventures. (a) See Note 7 for a reconciliation of these measures not defined by generally accepted accounting principles (GAAP). (Fiscal 2019 Net Sales by Platform) 98%. Organic net sales declined 9 percent. Our adjusted effective tax rate was 22.3 percent in the quarter ended November 29, 2020, compared to 21.9 percent in the same period last year (see Note 6 below for a description of our use of measures not defined by GAAP). We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, as well as acquisitions, divestitures, and a 53rd week, when applicable, have on year-to-year comparability. The COVID-19 pandemic has had a profound impact on consumer demand across the company’s major markets, including driving an unprecedented increase in demand for food at home and a corresponding decrease in away-from-home food demand resulting from efforts to reduce virus transmission. Segment operating profit totaled $1.40 billion, up 16 percent from a year ago primarily due to higher volume and fixed cost leverage in the supply chain, partially offset by higher operational costs to service demand, unfavorable product mix, and higher media and other SG&A expenses. These forward-looking statements, including the statements under the caption “Outlook”, and statements made by Mr. Harmening, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Organic net sales were down 2 percent, with declines in Asia partially offset by growth in Latin America. It’s rare that David and Tom formally agree on the exact same stock – it’s only happened 25 times over the entire history of Motley Fool Stock Advisor. (f) Valuation losses on certain corporate investments in fiscal 2020. (h) Impairment charges related to our Progresso, Food Should Taste Good, and Mountain High brand intangible assets and certain manufacturing assets in our North America Retail and Asia & Latin America segments. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-to-year basis. Impairment charges related to our Yoki, Mountain High, and Immaculate Baking brand intangible assets in fiscal 2018. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates or the timing of acquisitions and divestitures throughout fiscal 2021. For investors seeking a strong dividend player, there are some market segments that are known for their high-yield dividends, making them logical places to start looking for reliable payers. "Amid significant challenge and change in the world around us, General Mills adapted and executed in fiscal 2020 to deliver outstanding financial results while fulfilling our purpose of making food the world loves. We provide organic net sales growth rates for our consolidated net sales and segment net sales. ¹ Please see Note 6 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release. (f) Discrete tax benefit related to the reorganization of certain wholly owned subsidiaries. General Mills Q2 Earnings & Sales Top Estimates, Up Y/Y General Mills released robust second-quarter fiscal 2021 results, with the top and the bottom lineincreasing year over year. Melvin Capital closed out its short position, while Citron Capital’s Andrew Left said the firm covered the majority of its short in “the $90’s at a loss of 100%.”“It does feel like rationality and fundamentals are just kind of dead,” J Capital Research co-founder Anne Stevenson-Yang said by telephone. See Note 4. We believe that these constant-currency measures provide useful information to investors because they provide transparency to underlying performance by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given volatility in foreign currency exchange markets. Segment operating profit increased 15 percent to $2.63 billion, primarily driven by higher volume, partially offset by higher SG&A expenses, including higher media investment. Frankly, I’m surprised they didn’t close much lower than here.”The epic short squeeze has set off a search for other companies that might be similarly vulnerable, with Express Inc., Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. among stocks surging on Wednesday.“The thing about these manias is there’s always enough people who make 600% or 1,000% and tell everybody about it that everybody gets excited about it,” said Anne Stevenson-Yang. Adjusted Operating Profit Growth on a Constant-currency Basis. In addition, General Mills’ share of non-consolidated joint venture net sales totaled U.S. $1.0 billion. Dividends paid totaled $1.20 billion, average diluted shares outstanding increased 1 percent to 613 million, and debt was reduced by $950 million. Restructuring, impairment, and other exit costs were insignificant in the quarter compared to a $1 million net recovery a year ago. Global Growth Framework • F20 … (n) See reconciliation of adjusted effective income tax rate below for tax impact of adjustment. In response to changing consumer and customer needs, General Mills has increased its agility and executed with excellence. General Mills expects that the COVID-19 pandemic will drive continued elevated consumer demand for food at home, relative to pre-pandemic levels, through the remainder of fiscal 2021. We believe that this measure provides useful information to investors because it is an indicator of our ability to incur additional debt and to service our existing debt. See Note 4. Thank you, Frank and good morning, everyone. MINNEAPOLIS--(BUSINESS WIRE)-- The cinema operator is among a number of heavily shorted stocks rallying this week.Shares rose as much as 310% at the open of the regular trading session in New York, pushing it to the highest level since October 2018. (b) Valuation adjustments of certain corporate investments in fiscal 2021. Fiscal year 2020 consists of 53 weeks, while fiscal years 2019 and 2018 consisted of 52 weeks. General Mills expects net sales growth in fiscal 2021 will be positively impacted by its superior execution as well as elevated at-home food demand, relative to the pre-pandemic period. The 0.8 percentage point increase was primarily due to certain nonrecurring discrete tax benefits in fiscal 2019, partially offset by the $53 million net benefit from the reorganization of certain wholly-owned subsidiaries and favorable changes in earnings mix by jurisdiction in fiscal 2020. (f) Valuation gains on certain corporate investments. General Mills expects the largest factor impacting its fiscal 2021 performance will be relative balance of at-home versus away-from-home consumer food demand. The fourth quarter of fiscal 2019 included 3 months of results. Adjusted gross margin increased 80 basis points to 35.2 percent of net sales, driven primarily by HMM cost savings, favorable net price realization and mix, and last year’s one-time purchase accounting inventory adjustment related to the Blue Buffalo acquisition, partially offset by input cost inflation and increased supply chain costs related to COVID-19. Some of Perdue’s transactions came while he was a member of several sub-committees. Cash Flow Generation, Cash Returns, and Deleverage. Fiscal 2018 represented acquisition transaction and integration costs and interest, net related to the debt issued to finance the transaction. See Note 4. Operating profit increased 17 percent to $3.0 billion; constant-currency adjusted operating profit was up 7 percent. See Note 2. Drive efficiency to fuel investment. This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheets. Fiscal 2019 Q1 Financial Performance 5 *Non-GAAP measures. “The shorts have to mark their investments to market value, so if they’re short at $20 thinking the stock will go to $10 and it goes to $300, they lost $280 trying to make $10. It has also spurred calls for a Securities and Exchange Commission investigation, though legal experts say it’s difficult to prove chat-room posts are part of an illicit scheme to manipulate the market.Burry’s warning has so far done little to dampen retail investors’ enthusiasm: GameStop rose another 45% in pre-market trading as of 8:38 a.m. in New York, though it had more than doubled in overnight trading.How ‘Flows Before Pros’ Is Disrupting Stock Markets: QuickTake(Updates pre-market trading in final paragraph. Lower away-from-home food demand reduced growth for the Convenience Stores & Foodservice and Asia & Latin America segments. Fiscal 2018 represents a prior year income tax expense adjustment. General Mills has outlined three key priorities for fiscal 2021 that will allow it to deliver competitive performance in the short term while continuing to advance its long-term goals: Compete effectively, everywhere we play, leading to increased brand penetration, competitive service levels, strengthened customer partnerships, and market share gains in the company’s key categories. Combined after-tax earnings from joint ventures increased 46 percent to $36 million, primarily driven by higher net sales at CPW and HDJ. The 0.8 percentage point increase was primarily due to certain nonrecurring discrete tax benefits recorded in the second quarter of fiscal 2020, partially offset by changes in earnings mix by jurisdiction in fiscal 2021. (j) CPW restructuring charges related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019. We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. Segment operating profit increased 23 percent to $135 million, primarily driven by higher volume, partially offset by unfavorable net price realization and mix and higher SG&A expenses. Organic net sales increased 10 percent. (k) Represents the impact of hyperinflationary accounting for our Argentina subsidiary, which was sold in fiscal 2019. (h) See reconciliation of adjusted effective income tax rate below for tax impact of each adjustment. We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. Finding the best biotech companies to invest in can be tricky as volatility often pockmarks the space. The company has risen to meet the needs of its communities around the world during the pandemic, with a particular focus on food security. General Mills Fiscal 2021 Q2 Logistics Press Release General Mills Fiscal 2021 Q2 Earnings Press Release (opens in new window) PDF 624 KB Q2 Presentation (opens in new window) PDF 2.58 MB Recording - Prepared Remarks (opens in new window) MP3 12.57 MB Transcript - Prepared Remarks (opens in new window) PDF 214 KB These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure. Net sales growth was driven by all-channel retail sales that were estimated to be up double digits and an estimated mid single-digit benefit from increased retail inventory in the quarter. For each of these non-GAAP financial measures, we are providing below a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, an explanation of why we believe the non-GAAP measure provides useful information to investors and any additional material purposes for which our management or Board of Directors uses the non-GAAP measure. The Justice Department investigated Perdue and found no wrongdoing. … See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affecting comparability. Organic net sales were up 12 percent. The General Mills Board of Directors has declared a quarterly dividend at the prevailing rate of $0.51 per share, payable May 3, 2021, to shareholders of record as of April 9, 2021. For each of these non-GAAP financial measures, we are providing below a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, an explanation of why we believe the non-GAAP measure provides useful information to investors and any additional material purposes for which our management or Board of Directors uses the non-GAAP measure. See Note 2. (a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. (l) Represents the impact of hyperinflationary accounting for our Argentina subsidiary, which was sold in fiscal 2019. Operating profit of $3.0 billion increased 17 percent from the prior year. This brilliant new device is helping millions of Americans cut their power bills in half! Vice President Investor Relations The company has implemented employee safety measures, based on guidance from the CDC and WHO, across all its supply chain facilities, including proper hygiene, social distancing, mask use, and temperature screenings. We also recorded a $7 million charge related to a product recall in our international Green Giant business in the six-month period ended November 29, 2020. 763-764-2301. See Note 3. This measure is used in reporting to our Board of Directors and executive management and as a component of the measurement of our performance for incentive compensation purposes. “If you’re short you’re in a very difficult position because you have to buy the stock to get out, so you end with a heavily overvalued stock.”GameStop didn’t immediately respond to a request for comment.Wednesday’s advance means the video-game retailer’s market value has risen more than 15 times this month alone to about $20 billion, making it bigger than about a third of the companies in the S&P 500 Index.“It really just goes to show the classic saying that markets can stay irrational longer than you can stay solvent,” said Greg Taylor, chief investment officer at Purpose Investments. Greetings and welcome to the General Mills Quarter Two Fiscal 2021 Earnings Call. Our adjusted earnings comparisons as a percent of net sales are calculated as follows: Net earnings attributable to General Mills as reported, Mark-to-market effects, net of tax (b)(f), Investment activity, net, net of tax (d)(f), CPW restructuring charges, net of tax (e). General Mills will issue pre-recorded management remarks today, December 17, 2020, at approximately 6:30 a.m. Central time (7:30 a.m. Eastern time) and will hold a live, webcasted question and answer session beginning at 8:00 a.m. Central time (9:00 a.m. Eastern time). Investor Relations Department Lower consumer traffic and other virus-related restrictions negatively impacted the segment’s key away-from-home channels including restaurants, schools, lodging, and convenience stores. Organic net sales increased 16 percent, including double-digit growth in organic pound volume and 3 points of favorable organic net price realization and mix. See Note 5. (d) Product recall costs related to our international Green Giant business. Organic net sales increased 28 percent, reflecting a strong increase in organic pound volume. Ice Cream. See Note 4. (b) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. Note: Table may not foot due to rounding. Strong operator partnerships and innovation led to market share gains in measured channels in the first half of the year. Valuation adjustments and the loss on sale of certain corporate investments in fiscal 2020. The company expects third-quarter organic net sales … (Bloomberg) -- Michael Burry’s bullish stance on GameStop Corp. in 2019 helped lay the foundations for an epic retail-investor frenzy. General Mills, Inc. (NYSE: GIS) plans to report results for its fiscal 2020 fourth quarter and full year on Wednesday, July 1, 2020. Second-quarter net sales for the Convenience Stores & Foodservice segment declined 14 percent to $440 million, reflecting reduced away-from-home food demand related to the pandemic. Segment operating profit declined $47 million to a loss of $24 million in the quarter, driven by net sales declines on the segment’s higher-margin businesses, as well as higher SG&A expenses. The effective tax rate for the six-month period ended November 29, 2020, was 22.2 percent compared to 17.2 percent for the six-month period ended November 24, 2019. As a result, the company is not currently providing an outlook for fiscal 2021 growth in organic net sales, adjusted operating profit, and adjusted diluted EPS. See Note 3. (j) Impairment charges related to certain manufacturing assets in our North America Retail and Asia & Latin America segments in fiscal 2019. Jeff Siemon Adjusted Operating Profit Growth on a Constant-currency Basis. 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