Research Desk Line-up: Coffee Holding Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 5, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on General Mills, Inc. (NYSE: GIS), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=GIS, following the Company’s disclosure of its financial results on September 20, 2017, for the first quarter of the fiscal year 2018. The packaged foods maker’s free cash flow more than doubled, by 118.2%, while it reaffirmed its guidance for FY18. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:
Get more of our free earnings reports coverage from other constituents of the Processed & Packaged Goods industry. Pro-TD has currently selected Coffee Holding Co., Inc. (NASDAQ: JVA) for due-diligence and potential coverage as the Company announced on September 13, 2017, its operating results for the three and nine months which ended on July 31, 2017. Register for a free membership today, and be among the early birds that get access to our report on Coffee Holding when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on GIS; also brushing on JVA. With the links below you can directly download the report of your stock of interest free of charge at:
For the three months ended August 27, 2017, General Mills’ net revenue decreased 3.5% to $3.77 billion from $3.91 billion in Q1 FY17. The decline was attributed to volume drops in the North America Retail segment and the Asia & Latin America segment. The Company’s net revenue missed analysts’ expectations of $3.79 billion.
During Q1 FY18, General Mills’ gross margin decreased 150 basis points to 34.8% of revenue from 36.3% of revenue in Q1 FY17. For the reported quarter, the Company’s adjusted gross margin decreased 230 basis points to 35.1% of revenue from 37.4% of revenue in Q1 FY17. The decrease was primarily due to higher input costs including currency-driven inflation on imported products, deleverage, and unfavorable trade expense phasing.
For Q1 FY18, General Mills’ operating income dropped 3.1% to $625.8 million from $645.8 million in Q1 FY17. For the reported quarter, the Company’s operating margin increased 10 basis points to 16.6% of revenue from 16.5% of revenue in the year-ago comparable period.
During Q1 FY18, General Mills’ net income totaled $404.7 million, or $0.69 per share, compared to earnings of $409.0 million, or $0.67 per share, in Q1 FY17. During Q1 FY18, General Mills’ adjusted diluted earnings per share (EPS) decreased 9% to $0.71 from $0.78 in Q1 FY17. The adjusted diluted EPS was below analysts’ expectations of $0.77.
North America Retail – During Q1 FY18, General Mills’ North America Retail segment’s net revenue decreased 4.6% to $2.44 billion from $2.56 billion in the same period of last year. For the reported quarter, the segment’s operating profit decreased 15.1% to $533.2 million from $628.2 million in Q1 FY17.
Europe & Australia – During Q1 FY18, General Mills’ Europe & Australia segment’s net revenue increased 2.8% to $491.9 million from $478.4 million in the same period of last year. For the reported quarter, the segment’s operating profit decreased 30.3% to $30.6 million from $43.9 million in Q1 FY17.
Convenience Stores & Foodservice – During Q1 FY18, General Mills’ Convenience Stores & Foodservice segment’s net revenue increased 0.2% to $447.1 million from $446.3 million in the same period of last year. During Q1 FY18, the segment’s operating profit decreased 8.5% to $84.8 million from $92.7 million in Q1 FY17.
Asia & Latin America – For Q1 FY18, General Mills’ Asia & Latin America segment’s net revenue decreased 8% to $392.0 million from $426.2 million in the same period of last year. For the reported quarter, the segment’s operating profit decreased 30.5% to $15.5 million from $22.3 million in Q1 FY17.
On September 26, 2017, the Company’s Board of Directors declared a quarterly dividend of $0.49 per share, payable on November 01, 2017, to shareholders of record as of October 10, 2017.
As on August 27, 2017, General Mills’ cash and cash equivalents increased 7.1% to $820.8 million compared to $765.7 million as on August 28, 2016.
For the reported quarter, the Company’s accounts payable increased 11.8% to $2.17 billion from $1.94 billion in Q1 FY17. During Q1 FY18, General Mills’ long-term debt increased 10.4% to $7.82 billion from $7.08 billion in Q1 FY17.
During Q1 FY18, the Company’s cash provided by operating activities increased 59.2% to $590.5 million from $370.8 million in Q1 FY17, due to further improvements in accounts payable as well as changes in trade and incentive accrual.
For the reported quarter, the Company’s free cash flow increased 118.2% to $474.2 million from $217.3 million in Q1 FY17.
For FY18, General Mills expects organic net sales growth to be in the range of negative 1% – 2%, and estimates adjusted diluted EPS growth to be in the band of 1% to 2%.
At the close of trading session on Wednesday, October 04, 2017, General Mills’ stock price advanced 1.34% to end the day at $52.01. A total volume of 5.46 million shares were exchanged during the session, which was above the 3-month average volume of 4.20 million shares. The Company’s shares are trading at a PE ratio of 18.62 and have a dividend yield of 3.77%. At Wednesday’s closing price, the stock’s net capitalization stands at $29.84 billion.
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