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General Mills Inc. (GIS) has submitted its 10-Q filing for the quarterly period ended February 23, 2025.
The filing includes financial statements for the quarter, showing a decrease in net sales to $4,842.2 million from $5,099.2 million in the same quarter the previous year. This decrease is attributed to a reduction in volume growth and unfavorable foreign currency exchange.
Operating profit for the quarter was $891.4 million, down from $910.7 million in the previous year. The decrease is primarily driven by unfavorable net price realization and mix, and a decrease in contributions from volume growth.
The company reported a net earnings attributable to General Mills of $625.6 million for the quarter, compared to $670.1 million in the previous year. Earnings per share – diluted was $1.12, down from $1.17 in the previous year.
Cash provided by operating activities was $2,306.6 million for the nine-month period ended February 23, 2025, while cash used in investing and financing activities was $1,578.6 million and $609.7 million, respectively.
General Mills had a working capital of $5,256.0 million as of February 23, 2025. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a $2.7 billion committed credit facility expiring in October 2029.
General Mills does not anticipate any material changes in its tax position or liquidity in the near future.
The company continues to focus on its strategic initiatives, including the acquisition of Whitebridge Pet Brands and the divestiture of its Canada yogurt business.
General Mills identified no material weaknesses in its internal controls over financial reporting.
The company continues to monitor its business segments for potential impairment and strategic opportunities.
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 March 19, 2025. To report an error, please email earnings@qz.com.