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General Mills Inc. (NYSE:GIS)

Income Statement
Quarterly Data

Beginner level

The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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

US$ in thousands

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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 4,420,800  4,002,500  4,161,700  4,198,300  4,411,200  4,094,000  3,890,200  3,882,300  4,198,700  3,769,200  3,806,600  3,793,200  4,112,100  3,907,900  3,927,900  4,002,400  4,424,900  4,207,900  4,298,800  4,350,900  4,712,200  4,268,400  4,283,800  4,377,400  4,875,700  4,372,700 
Cost of sales (2,851,700) (2,613,000) (2,700,400) (2,755,300) (2,901,500) (2,751,200) (2,471,100) (2,627,000) (2,755,700) (2,459,100) (2,486,900) (2,485,500) (2,592,600) (2,491,000) (2,551,100) (2,644,900) (2,884,300) (2,653,300) (2,783,300) (2,975,000) (3,093,100) (2,829,700) (2,801,400) (2,864,700) (3,114,000) (2,759,700)
Gross margin 1,569,100  1,389,500  1,461,300  1,443,000  1,509,700  1,342,800  1,419,100  1,255,300  1,443,000  1,310,100  1,319,700  1,307,700  1,519,500  1,416,900  1,376,800  1,357,500  1,540,600  1,554,600  1,515,500  1,375,900  1,619,100  1,438,700  1,482,400  1,512,700  1,761,700  1,613,000 
Selling, general, and administrative expenses (759,000) (718,900) (743,200) (696,600) (753,300) (742,700) (706,800) (655,100) (711,600) (679,100) (693,400) (687,600) (708,100) (712,200) (779,200) (755,800) (772,700) (811,200) (825,900) (789,400) (845,500) (867,200) (865,900) (842,100) (890,900) (875,400)
Divestiture gain (loss) —  —  5,400  (35,400) —  —  —  —  —  —  —  —  (13,500) —  (52,400) 1,500  199,100  —  —  —  —  —  65,500  —  —  — 
Restructuring, impairment, and other exit (costs) recoveries 1,100  (8,200) (7,400) (59,700) (209,400) 1,400  (151,300) (7,500) (1,600) (5,200) (17,100) (77,600) (29,000) (58,900) (13,100) (16,900) (61,300) (60,100) (266,000) (49,300) (214,600) (14,000) (100) —  (700) (2,800)
Operating profit 811,200  662,400  716,100  651,300  547,000  601,500  561,000  592,700  729,800  625,800  609,200  542,500  768,900  645,800  532,100  586,300  905,700  683,300  423,600  537,200  559,000  557,500  681,900  670,600  870,100  734,800 
Benefit plan non-service income 30,200  30,200  24,600  21,400  21,000  20,900  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Interest, net (119,400) (118,700) (124,800) (130,800) (132,700) (133,500) (137,100) (89,300) (74,900) (72,400) (69,300) (76,400) (75,500) (73,900) (77,500) (77,200) (73,800) (75,300) (79,600) (80,000) (77,300) (78,500) (79,400) (75,500) (68,700) (78,800)
Earnings before income taxes and after-tax earnings from joint ventures 722,000  573,900  615,900  541,900  435,300  488,900  423,900  503,400  654,900  553,400  539,900  466,100  693,400  571,900  454,600  509,100  831,900  608,000  344,000  457,200  481,700  479,000  602,500  595,100  801,400  656,000 
Income taxes (155,500) (67,200) (54,700) (95,800) (106,600) (110,700) (86,400) 432,500  (234,900) (168,500) (144,200) (107,000) (227,400) (176,600) (87,500) (157,600) (311,500) (198,600) (164,300) (116,500) (153,400) (152,600) (203,700) (200,900) (266,700) (212,000)
After-tax earnings from joint ventures 24,900  21,800  20,000  11,800  22,500  17,700  20,600  16,600  23,800  23,700  19,900  11,100  29,800  24,200  23,300  16,200  23,200  25,700  18,100  13,100  27,100  26,000  16,600  22,800  26,100  24,100 
Net earnings, including earnings attributable to redeemable and noncontrolling interests 591,400  528,500  581,200  457,900  351,200  395,900  358,100  952,500  443,800  408,600  415,600  370,200  495,800  419,500  390,400  367,700  543,600  435,100  197,800  353,800  355,400  352,400  415,400  417,000  560,800  468,100 
Net earnings attributable to redeemable and noncontrolling interests (10,600) (7,900) (11,000) (11,100) (7,800) (3,600) (3,700) (11,100) (13,300) (3,900) (6,700) (12,400) (14,000) (10,500) (10,800) (6,000) (14,100) (8,500) (11,000) (10,600) (9,300) (7,200) (10,800) (6,400) (10,900) (8,800)
Net earnings attributable to General Mills 580,800  520,600  570,200  446,800  343,400  392,300  354,400  941,400  430,500  404,700  408,900  357,800  481,800  409,000  379,600  361,700  529,500  426,600  186,800  343,200  346,100  345,200  404,600  410,600  549,900  459,300 

Based on: 10-Q (filing date: 2019-12-18), 10-Q (filing date: 2019-09-18), 10-K (filing date: 2019-06-28), 10-Q (filing date: 2019-03-20), 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. General Mills Inc.’s net sales decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Operating profit The net result for the period of deducting operating expenses from operating revenues. General Mills Inc.’s operating profit decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Earnings before income taxes and after-tax earnings from joint ventures Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. General Mills Inc.’s earnings before income taxes and after-tax earnings from joint ventures decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Net earnings attributable to General Mills The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. General Mills Inc.’s net earnings attributable to General Mills decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.