General Mills Files Q2 2025 10-Q

TL;DR

General Mills dropped its Q2 10-Q. Financials look steady, debt agreements noted.

AI Summary

General Mills Inc. filed its 10-Q for the period ending November 24, 2024. The company reported financial results and provided updates on its business operations. Key financial data and segment performance were detailed, along with information regarding long-term debt agreements and equity instruments.

Why It Matters

This filing provides investors with the latest financial performance and operational details for General Mills, crucial for understanding the company's current health and future outlook.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• $754.6 — Revenue (Reported for the period ending 2025 Q2)
• 0.10 — Earnings Per Share (Reported for the period ending 2025 Q2)

Key Players & Entities

• GENERAL MILLS INC (company) — Filer
• 0000040704 (company) — Central Index Key
• 2024-11-24 (date) — Period of Report
• 2024-12-18 (date) — Filing Date
• MINNEAPOLIS (location) — Business Address City
• 763-764-7600 (phone_number) — Business Phone
• gis:LongTermDebtAgreementsContainingRestrictiveCovenantsMember (financial_metric) — Debt Agreements
• gis:ZeroPointFourFiveZeroPercentNotesDue2026Member (financial_metric) — Specific Debt Instrument

FAQ

Filing Documents

• d901001d10q.htm (10-Q) — 1989KB
• d901001dex311.htm (EX-31.1) — 25KB
• d901001dex312.htm (EX-31.2) — 25KB
• d901001dex321.htm (EX-32.1) — 6KB
• d901001dex322.htm (EX-32.2) — 5KB
• 0001193125-24-281288.txt ( ) — 10209KB
• gis-20241124.xsd (EX-101.SCH) — 74KB
• gis-20241124_cal.xml (EX-101.CAL) — 96KB
• gis-20241124_def.xml (EX-101.DEF) — 290KB
• gis-20241124_lab.xml (EX-101.LAB) — 770KB
• gis-20241124_pre.xml (EX-101.PRE) — 473KB
• d901001d10q_htm.xml (XML) — 1986KB

– Financial Information

PART I – Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Statements of Earnings for the quarters and six-month periods ended November 24, 2024 and November 26, 2023 4 Consolidated Statements of Comprehensive Income for the quarters and six-month periods ended November 24, 2024 and November 26, 2023 5 Consolidated Balance Sheets as of November 24, 2024 and May 26, 2024 6 Consolidated Statements of Total Equity for the quarters and six-month periods ended November 24, 2024 and November 26, 2023 7 Consolidated Statements of Cash Flows for the six-month periods ended November 24, 2024 and November 26, 2023 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 40

– Other Information

PART II – Other Information

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 41

Signatures

Signatures 42 4 PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. Consolidated Statements of Earnings GENERAL MILLS, INC. AND SUBSIDIARIES (Unaudited) (In Millions, Except per Share Data) Quarter Ended Six-Month Period Ended Nov. 24, 2024 Nov. 26, 2023 Nov. 24, 2024 Nov. 26, 2023 Net sales $ 5,240.1 $ 5,139.4 $ 10,088.2 $ 10,044.1 Cost of sales 3,309.0 3,373.5 6,468.3 6,507.7 Selling, general, and administrative expenses 852.0 830.5 1,707.1 1,669.8 Restructuring, impairment, and other exit costs 1.2 123.6 3.4 124.8 Operating profit 1,077.9 811.8 1,909.4 1,741.8 Benefit plan non-service income ( 13.8 ) ( 20.1 ) ( 27.7 ) ( 37.1 ) Interest, net 124.6 117.8 248.2 234.8 Earnings before income taxes and after-tax earnings from joint ventures 967.1 714.1 1,688.9 1,544.1 Income taxes 194.8 136.0 352.2 309.2 After-tax earnings from joint ventures 30.0 24.2 49.2 47.7 Net earnings, including earnings attributable to noncontrolling interests 802.3 602.3 1,385.9 1,282.6 Net earnings attributable to noncontrolling interests 6.6 6.8 10.3 13.6 Net earnings attributable to General Mills $ 795.7 $ 595.5 $ 1,375.6 $ 1,269.0 Earnings per share – basic $ 1.43 $ 1.03 $ 2.46 $ 2.18 Earnings per share – diluted $ 1.42 $ 1.02 $ 2.45 $ 2.16 See accompanying notes to consolidated financial statements. 5 Consolidated Statements of Comprehensive Income GENERAL MILLS, INC. AND SUBSIDIARIES (Unaudited) (In Millions) Quarter Ended Six-Month Period Ended Nov. 24, 2024 Nov. 26, 2023 Nov. 24, 2024 Nov. 26, 2023 Net earnings, including earnings attributable to noncontrolling interests $ 802.3 $ 602.3 $ 1,385.9 $ 1,282.6 Other comprehensive income (loss), net of tax: Foreign currency translation 28.8 ( 22.3 ) ( 33.1 ) ( 40.4 ) Other fair value changes: Hedge derivatives 9.2 1.9 3.2 ( 0.4 ) Reclassification to earnings: Hedge derivatives 1.7 ( 2.4 ) 1.7 ( 2.2 ) Amortization of losses and prior service costs 11

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Unaudited) (1) Background The accompanying Consolidated Financial General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions and any noncontrolling interests' share of those transactions. Operating results for the fiscal quarter ended November 24, 2024, are not necessarily indicative of the results that may be expected for the fiscal year ending May 25, 2025. These should be read in conjunction with the Consolidated Financial and footnotes included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024. The accounting policies used in preparing these Consolidated Financial Certain terms used throughout this report are defined in the "Glossary" section below. (2) Acquisitions and Divestitures During the second quarter of fiscal 2025, we entered into a definitive agreement to acquire NX Pet Holding, Inc., representing Whitebridge Pet Brands' North American premium cat feeding and pet treating business, for approximately $ 1.4 billion (Whitebridge Pet Brands acquisition). We expect to close the transaction in the third quarter of fiscal 2025, approval and other customary closing conditions. We

business

business into our Consolidated Balance Sheets and recorded goodwill of $ 317.5 million, an indefinite-lived brand intangible asset of $ 118.4 million and a finite-lived customer relationship asset of $ 14.2 million. The goodwill is included in the International segment and is not deductible for tax purposes. The pro forma effects of this acquisition were not material. We have conducted a preliminary assessment of the fair value of the acquired assets and liabilities of the business and we are continuing our review of these items during the measurement period. If new information is obtained about facts and circumstances that existed at the acquisition date, the acquisition accounting will be 11 revised to reflect the resulting adjustments to current estimates of those items. The consolidated results are reported in our International operating segment on a one-month lag beginning in fiscal 2025. (3) Restructuring, Impairment, and Other Exit Costs Restructuring and impairment charges were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 24, 2024 Nov. 26, 2023 Nov. 24, 2024 Nov. 26, 2023 Charges associated with restructuring actions previously announced $ 1.3 $ 14.8 $ 4.2 $ 24.6 Goodwill impairment - 117.1 - 117.1 Total $ 1.3 $ 131.9 $ 4.2 $ 141.7 In the six-month period ended November 24, 2024, we did not undertake any new restructuring actions. We recorded $ 1.3 million of restructuring charges in the second quarter of fiscal 2025 and $ 4.2 million of restructuring charges in the six-month period ended November 24, 2024, related to restructuring actions previously announced. We recorded $ 14.8 million of restructuring charges in the second quarter of fiscal 2024 and $ 24.6 million of restructuring charges in the six-month period ended November 26, 2023, related to

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View this 10-Q filing on SEC EDGAR