Shares of General Mills, Inc. (NYSE:GIS) ended Thursday session in red amid volatile trading. The shares closed down -0.20 points or -0.31% at $65.06 with 4.14 million shares getting traded. Post opening the session at $65.26, the shares hit an intraday low of $64.79 and an intraday high of $65.57 and the price vacillated in this range throughout the day. The company has a market cap of $39.34 billion and the numbers of outstanding shares have been calculated to be 591.38 million shares.
General Mills, Inc. (GIS) on Sept. 21, 2016 reported results for the first quarter ended August 28, 2016.
First Quarter Results Summary
- Reported net sales declined 7 percent to $3.9 billion due to lower organic net sales, the divestiture of the North American Green Giant business, and the impact of foreign exchange. Organic net sales declined 4 percent, with increases in U.S. natural and organic brands and emerging markets more than offset by declines in Foundation businesses and U.S. Yogurt.
- Gross margin decreased from 36.9 percent to 36.3 percent of net sales. Adjusted gross margin, which excludes mark-to-market effects and certain other items affecting comparability, decreased 30 basis points from last year’s result that was up 290 basis points.
- Operating profit totaled $646 million, down 6 percent compared to the prior year. Operating profit margin increased 30 basis points to 16.5 percent of net sales. Adjusted operating profit margin increased 80 basis points to 19.2 percent of net sales.
- Total segment operating profit of $787 million was down 5 percent. Total segment operating profit was down 4 percent in constant currency, reflecting lower net sales.
- Net earnings attributable to General Mills totaled $409 million and diluted earnings per share (EPS) were $0.67, down 3 percent from $0.69 a year ago.
- Adjusted diluted EPS, which excludes certain items affecting comparability of results, totaled $0.78 in the first quarter, down 1 percent from the prior year. Constant-currency adjusted diluted EPS were also down 1 percent.
“Our first-quarter profit margin expansion and EPS results reflect continued good progress on our productivity and cost-savings initiatives,” said General Mills Chairman and Chief Executive Officer Ken Powell. “However, our net sales performance did not meet our expectations due to the challenging macro environment, a difficult year-over-year comparison, and a slower start to the year on certain businesses. We are taking actions to improve our net sales performance going forward, leveraging our Consumer First focus. At the same time, we have a number of encouraging examples across our global portfolio where our efforts to adapt to evolving consumer interests are driving positive results.”
Shares of Newell Brands Inc (NYSE:NWL) ended Thursday session in red amid volatile trading. The shares closed down -0.14 points or -0.27% at $52.36 with 4.08 million shares getting traded. Post opening the session at $52.92, the shares hit an intraday low of $51.87 and an intraday high of $53.50 and the price vacillated in this range throughout the day. The company has a market cap of $25.68 million and the numbers of outstanding shares have been calculated to be 482.20 million shares.
Newell Brands Inc (NWL) on August 31, 2016 announced that Tom Sanford has joined the company as Vice President, Communications. Sanford will be based at the company’s new global headquarters in Hoboken, New Jersey, with responsibility for enterprise-level internal and external communications worldwide, inclusive of employee, community and media relations.
“Tom has more than 25 years of communications experience driving positive outcomes for global organizations during significant periods of change and growth,” said Fiona Laird, Chief Human Resources and Communications Officer. “He will be a tremendous asset during this exciting, transformational time at Newell Brands.”
Prior to joining Newell Brands, Sanford held communications leadership roles at several large, multinational companies, including Aetna, Johnson & Johnson, Pfizer, and AlliedSignal. He spent the early part of his career at two New York-based communications agencies, Adams & Rinehart and Burson-Marsteller. He holds a B.A. in American Studies from Yale University.
Sanford’s appointment is the latest in a series of top talent additions for the company since its acquisition of Jarden Corp. on April 15, 2016.