Sector: Consumer Staples|Industry: Packaged Foods|Market Cap: $35.48B|Employees: 34K
General Mills is a global manufacturer and marketer of branded consumer foods, operating in over 100 countries. The company's core business model revolves around producing and selling a variety of human and pet food products, including snacks, cereals, convenient meals, and pet food. General Mills leverages its brand recognition, product innovation, and efficient supply chain to compete in the highly competitive food industry.
Net sales for the quarter were $5,099.2 million, a 1% decrease compared to $5,125.9 million in the same quarter last year. This was driven by a decrease in volume growth, partially offset by favorable net price realization and mix.
Operating profit increased to $910.7 million, up from $730.2 million in the same quarter last year. This was primarily driven by favorable net price realization and mix, a decrease in certain compensation and benefits expenses, and a favorable change in mark-to-market valuations.
Diluted earnings per share increased to $1.17, up from $0.92 in the same quarter last year. This was driven by the increase in operating profit and partially offset by a higher effective tax rate.