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General Mills Inc. (GIS+0.86%) has submitted its 10-Q filing for the quarterly period ended November 24, 2024.
The filing reports net sales of $5,240.1 million for the quarter, an increase from $5,139.4 million in the same period the previous year. This growth was driven by a 3% increase in contributions from volume growth, partially offset by a 1% decrease due to net price realization and mix.
Operating profit for the quarter was $1,077.9 million, up from $811.8 million in the prior year. This increase was attributed to lower restructuring charges, reduced input costs, and a favorable change in the mark-to-market valuation of certain commodity positions.
Net earnings attributable to General Mills were $795.7 million, compared to $595.5 million in the previous year. The company reported diluted earnings per share of $1.42, up from $1.02.
The effective tax rate for the quarter was 20.1%, compared to 19.0% in the same quarter of the previous year. This increase was mainly due to certain nonrecurring discrete tax benefits in the prior year.
The filing also details the company's ongoing acquisition of NX Pet Holding, Inc. for approximately $1.4 billion, expected to close in the third quarter of fiscal 2025, subject to regulatory approval.
In addition, General Mills has entered into definitive agreements to sell its North American yogurt businesses for approximately $2.1 billion, with the transaction expected to close in calendar year 2025.
General Mills reported cash and cash equivalents of $2,292.8 million as of November 24, 2024, compared to $418.0 million as of May 26, 2024.
The company declared cash dividends of $1.20 per share during the quarter, totaling $669.3 million.
General Mills continues to focus on strategic revenue management and holistic margin management to offset input cost inflation and drive sustainable growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the General Mills Inc. quarterly 10-Q report dated December 18, 2024. To report an error, please email earnings@qz.com.