General Mills (GIS) FY2014 results: revenue $17.9 billion, up 0.8% on the year
General Mills Inc. (GIS) reported revenue of $17.9 billion for fiscal 2014, the year ended 25 May 2014, up 0.8% on the year before. Net income was $1.8 billion, down 1.7%, and diluted earnings per share $2.83. The figures are the company's own, from the 10-K it filed with the SEC on 3 July 2014.
Revenue
$17.9 billion
+0.8% on the year
FY2008FY2014
Operating margin
16.5%
16.0% a year earlier
FY2008FY2014
Net income
$1.8 billion
-1.7% on the year
FY2008FY2014
Diluted EPS
$2.83
+1.4% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
17,910
17,774
16,658
+0.8%
Cost of revenue
11,540
11,350
10,613
+1.7%
Gross profit
6,370
6,424
6,045
-0.8%
Gross margin
35.6%
36.1%
36.3%
Research and development
244
238
245
+2.4%
Selling, general and administrative
3,474
3,552
3,381
-2.2%
Operating income
2,957
2,852
2,562
+3.7%
Operating margin
16.5%
16.0%
15.4%
Interest expense
302
317
352
-4.6%
Pre-tax income
2,655
2,535
2,210
+4.7%
Income tax
883
741
710
+19.2%
Effective tax rate
33.3%
29.2%
32.1%
Net income
1,824
1,855
1,567
-1.7%
Net margin
10.2%
10.4%
9.4%
Diluted EPS
$2.83
$2.79
$2.35
+1.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,541
2,926
2,407
-13.2%
Capital expenditure
664
614
676
+8.1%
Free cash flow
1,878
2,312
1,731
-18.8%
Free cash flow margin
10.5%
13.0%
10.4%
Cash from investing
-562
-1,515
-1,871
Cash from financing
-1,824
-1,140
-667
Depreciation and amortisation
585
588
542
-0.4%
Share-based compensation
108
100
108
+8.1%
Buybacks
1,745
1,045
313
+67.0%
Dividends paid
983
868
800
+13.3%
Dividend per share
$1.17
$1.70
$1.22
-31.2%
Diluted shares, weighted
646m
666m
667m
-3.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,535
6,672
6,422
-2.1%
Non-controlling interest
471
456
461
+3.1%
Debt
8,786
7,969
7,430
+10.2%
Other liabilities
7,354
7,560
6,784
-2.7%
Fixed assets
3,942
3,878
3,653
+1.6%
Goodwill
8,650
8,622
8,182
+0.3%
Intangible assets
5,014
5,015
4,705
-0.0%
Cash and equivalents
867
741
471
+17.0%
Receivables
1,484
1,446
1,324
+2.6%
Inventory
1,559
1,546
1,479
+0.9%
Other assets
1,629
1,409
1,283
+15.6%
Total assets
23,146
22,658
21,097
+2.2%
10-K for the year ended 25 May 2014, filed 3 July 2014: the filing.