General Mills (GIS) FY2017 results: revenue $15.6 billion, down 5.7% on the year
General Mills Inc. (GIS) reported revenue of $15.6 billion for fiscal 2017, the year ended 28 May 2017, down 5.7% on the year before. Net income was $1.7 billion, down 2.4%, and diluted earnings per share $2.77. The figures are the company's own, from the 10-K it filed with the SEC on 28 June 2019.
Revenue
$15.6 billion
-5.7% on the year
FY2010FY2017
Operating margin
16.0%
16.3% a year earlier
FY2010FY2017
Net income
$1.7 billion
-2.4% on the year
FY2010FY2017
Diluted EPS
$2.77
0.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
15,620
16,563
17,630
-5.7%
Cost of revenue
10,052
10,734
11,681
-6.4%
Gross profit
5,568
5,830
5,949
-4.5%
Gross margin
35.6%
35.2%
33.7%
Research and development
218
222
229
-1.8%
Selling, general and administrative
2,889
3,119
3,328
-7.4%
Operating income
2,492
2,707
2,077
-8.0%
Operating margin
16.0%
16.3%
11.8%
Interest expense
295
304
315
-2.9%
Pre-tax income
2,271
2,404
1,762
-5.5%
Income tax
655
755
587
-13.2%
Effective tax rate
28.8%
31.4%
33.3%
Net income
1,658
1,697
1,221
-2.4%
Net margin
10.6%
10.2%
6.9%
Diluted EPS
$2.77
$2.77
$1.97
0.0%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,415
2,764
2,543
-12.6%
Capital expenditure
684
729
712
-6.2%
Free cash flow
1,731
2,035
1,830
-14.9%
Free cash flow margin
11.1%
12.3%
10.4%
Cash from investing
-647
93.4
-1,602
Cash from financing
-1,747
-2,420
-1,385
Depreciation and amortisation
604
608
588
-0.7%
Share-based compensation
95.7
89.8
106
+6.6%
Buybacks
1,652
607
1,162
+172.2%
Dividends paid
1,135
1,072
1,018
+5.9%
Dividend per share
$1.92
$1.78
$1.67
+7.9%
Diluted shares, weighted
598m
612m
619m
-2.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
4,328
4,930
4,997
-12.2%
Non-controlling interest
358
377
396
-5.1%
Debt
9,482
8,431
9,192
+12.5%
Other liabilities
7,645
7,974
7,248
-4.1%
Total liabilities and equity
21,813
21,712
21,832
+0.5%
Fixed assets
3,688
3,744
3,783
-1.5%
Goodwill
8,747
8,741
8,875
+0.1%
Intangible assets
4,530
4,539
4,677
-0.2%
Cash and equivalents
766
766
334
0.0%
Receivables
1,430
1,361
1,387
+5.1%
Inventory
1,484
1,414
1,541
+4.9%
Other assets
1,168
1,148
1,235
+1.7%
Total assets
21,813
21,712
21,832
+0.5%
10-K for the year ended 28 May 2017, filed 28 June 2019: the filing.