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General Mills Reports 19B Gain in Fiscal 2022 Full-Year Results; Jeff Harmening Details

General Mills Reports 19B Gain in Fiscal 2022 Full-Year Results; Jeff Harmening Details


MINNEAPOLIS, MN
Monday, July 11th, 2022

General Mills has exceeded its own expectations as the company recently reported its fourth quarter and fiscal year 2022 results. Utilizing a successful strategy, the supplier announced net sales of $19 billion for the year, a five percent increase from the year prior, amongst several other impressive highlights.

Jeff Harmening, Chairman and Chief Executive Officer, General Mills“Fiscal 2022 was another successful year for General Mills, marking the fourth consecutive year that we’ve delivered results that met or exceeded our targets for top and bottom-line growth and cash generation,” said Chairman and Chief Executive Officer Jeff Harmening. “I am proud of the way our team advanced our Accelerate strategy this year by executing well on our core business while taking significant steps to reshape our portfolio. Though significant inflation and supply chain disruptions put pressure on our margins, we responded quickly to address those challenges and keep our brands on shelf for our customers and consumers."

In addition to its net sales increase for the fiscal year 2022, General Mills also reports organic net sales were up 6 percent, according to a release. Other highlights from the year include:

General Mills reported the following information: net sales of $19 billion for the 2022 year, a five percent increase from the year prior, and several other impressive highlights

  • Operating profit increased 11 percent to $3.5 billion; constant-currency adjusted operating profit was up 2 percent
  • Diluted earnings per share (EPS) of $4.42 were up 17 percent; adjusted diluted EPS of $3.94 increased 4 percent in constant currency
  • Net earnings attributable to General Mills were up 16 percent to $2.7 billion

General Mills’ fourth-quarter results also showed an increase across the board, including:

  • Net sales increased 8 percent to $4.9 billion; organic net sales increased 13 percent
  • Operating profit increased 85 percent to $1.0 billion
  • Diluted EPS of $1.35 increased 98 percent; adjusted diluted EPS of $1.12 were up 23 percent in constant currency
  • Net earnings attributable to General Mills were up 97 percent to $823 million

Throughout the fiscal year 2022, General Mills took steps to advance its portfolio reshaping efforts, announcing or closing seven transactions that are expected to increase the company’s top-and bottom-line growth profile. Moving forward, the company plans to use these investments to drive continued development and evolution.

“We plan to build on our strong momentum in fiscal 2023 by continuing to compete effectively, investing in our brands and capabilities, and reshaping our portfolio,” added Harmening. “Importantly, our Board reinforced its confidence in our performance and outlook by approving a six percent increase in our dividend, underlining our commitment to driving strong returns for General Mills shareholders over the long term.”

To see more of the company’s results, click here.

With this proven strategy in place, what will the fiscal year 2023 hold for General Mills? Stick with Deli Market News to find out.

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