General Mills Inc. Q2 FY2024 results: revenue $5.1 billion, down 1.6% on the year

General Mills Inc. (GIS) reported revenue of $5.1 billion for Q2 FY2024, the quarter ended 26 November 2023, down 1.6% on the same quarter a year earlier. Net income was $596 million, down 1.7% on the year, and diluted earnings per share $1.02. The figures are the company's own, from the 10-Q it filed with the SEC on 20 December 2023.

Revenue$5.1 billiondown 1.6%

Net income$596 milliondown 1.7%

Diluted EPS$1.02

QuarterQ2 FY2024ended 26 November 2023

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	5,139	4,905	n/a	n/a
Cost of revenue	3,374	3,134	n/a	n/a
Gross profit	1,766	1,770	n/a	n/a
Gross margin	34.4%	36.1%	n/a
Selling, general and administrative	830	839	n/a	n/a
Operating income	812	930	n/a	n/a
Operating margin	15.8%	19.0%	n/a
Interest expense	118	117	n/a	n/a
Pre-tax income	714	830	n/a	n/a
Income tax	136	173	n/a	n/a
Effective tax rate	19.0%	20.9%	n/a
Net income	596	674	n/a	n/a
Net margin	11.6%	13.7%	n/a
Diluted EPS	$1.02	$1.14	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	1,118	378	n/a	n/a
Capital expenditure	152	142	n/a	n/a
Free cash flow	966	236	n/a	n/a
Free cash flow margin	18.8%	4.8%	n/a
Depreciation and amortisation	129	137	n/a	n/a
Share-based compensation	23.2	35.3	n/a	n/a
Buybacks	801	500	n/a	n/a
Dividends paid	342	348	n/a	n/a
Dividend per share	$1.18	$0.59	n/a	n/a
Diluted shares, weighted	583m	591m	n/a	n/a
Shares outstanding at period end	568m	581m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	31,233	31,320	n/a	n/a
Cash and equivalents	594	491	n/a	n/a
Receivables	1,759	1,791	n/a	n/a
Inventory	2,166	2,229	n/a	n/a
Goodwill	14,442	14,522	n/a	n/a
Long-term debt including finance leases	10,530	10,524	n/a	n/a
Shareholders' equity	9,379	10,262	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026
Revenue	4,905	5,139	5,099	4,714	4,848	5,240	4,842	4,556	4,518	4,861	4,437	4,610
Cost of revenue	3,134	3,374	3,392	3,026	3,159	3,309	3,203	3,082	2,985	3,168	3,070	3,006
Gross profit	1,770	1,766	1,707	1,688	1,689	1,931	1,639	1,474	1,533	1,692	1,367	1,604
Gross margin	36%	34%	33%	36%	35%	37%	34%	32%	34%	35%	31%	35%
SG&A	839	830	791	798	855	852	844	894	845	842	813	888
Operating income	930	812	911	779	832	1,078	891	504	1,726	728	525	-2,093
Operating margin	19%	16%	18%	17%	17%	21%	18%	11%	38%	15%	12%	-45%
Interest expense	117	118	122	123	124	125	136	140	133	126	128	n/a
Pre-tax income	830	714	808	677	722	967	769	377	1,608	618	412	-2,232
Tax rate	21%	19%	18%	20%	22%	20%	20%	18%	26%	23%	24%	n/a
Net income	674	596	670	558	580	796	626	294	1,204	413	303	-2,008
Net margin	14%	12%	13%	12%	12%	15%	13%	6%	27%	8%	7%	-44%
Diluted EPS	$1.14	$1.02	$1.17	$0.98	$1.03	$1.42	$1.12	$0.53	$2.22	$0.78	$0.56	-$3.74
Operating cash flow	378	1,118	943	864	624	1,150	532	612	397	819	398	552
Capital expenditure	142	152	192	288	140	161	104	220	110	144	102	184
Free cash flow	236	966	751	575	484	990	428	391	288	676	296	368
Buybacks	500	801	300	401	300	300	302	301	500	0.1	0.2	0.0
Dividends paid	348	342	337	335	338	338	333	330	331	328	328	328
Shares outstanding	581m	568m	565m	558m	555m	551m	548m	542m	533m	534m	534m	534m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 26 November 2023, filed 20 December 2023, accession 0001193125-23-299930: the filing on EDGAR. All of General Mills Inc.'s filings: EDGAR company page.

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