Name: General Mills Inc. (NYSE:GIS) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company 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.

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

US$ in thousands

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)

An analysis of the quarterly financial performance reveals a period of volatility in net sales and operating profit, characterized by recurring restructuring costs and a significant shift in financing expenses toward the end of the observed period.

Revenue and Gross Profitability: Net sales exhibited a fluctuating pattern, starting at 4.37 billion USD in August 2013, peaking at 4.88 billion USD in November 2013, and reaching a low of 3.77 billion USD in August 2017. Toward the end of the period, sales recovered to 4.42 billion USD by November 2019. Gross margins generally mirrored these sales trends, though the cost of sales remained a significant burden, typically ranging between 60% and 65% of net sales.
Operating Expenses and Efficiency: Selling, general, and administrative (SG&A) expenses showed a gradual downward trend, decreasing from approximately 875 million USD in 2013 to a low of 655 million USD in February 2018, before stabilizing between 700 million and 760 million USD in subsequent quarters. This suggests a sustained effort to optimize operational overhead.
Operating Profit and Restructuring Impact: Operating profit was subject to significant volatility due to frequent restructuring, impairment, and other exit costs. Substantial charges were recorded in November 2014 (214.6 million USD), May 2015 (266 million USD), and November 2018 (209.4 million USD). These non-recurring expenses created erratic swings in operating performance, often offsetting gains in gross margin or SG&A reductions.
Financial Costs and Tax Anomalies: Net interest expenses remained relatively stable between 68 million and 89 million USD until May 2018, at which point a sharp increase occurred, with expenses rising to a range of 118 million to 137 million USD. A notable anomaly occurred in February 2018, where net earnings attributable to the company spiked to 941.4 million USD, driven by a positive income tax adjustment of 432.5 million USD.
Bottom Line Performance: Net earnings attributable to the company generally fluctuated between 340 million and 580 million USD per quarter, excluding the February 2018 tax-driven outlier. The consistency of after-tax earnings from joint ventures, typically contributing between 11 million and 30 million USD, provided a stable secondary income stream throughout the period.

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General Mills Inc. (NYSE:GIS)

Income StatementQuarterly Data

Income Statement
Quarterly Data