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General Mills Q4 Profit Tops Estimates; Organic Net Sales Up 16%

General Mills (GIS) reported fourth quarter adjusted earnings per share of $1.10, up 33 percent from the prior year in constant currency. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.06, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter net sales were $5.0 billion, up 21 percent from last year. Organic net sales increased 16 percent, for the quarter. Analysts expected revenue of $4.96 billion for the quarter.

The company noted that, to date, all General Mills manufacturing and distribution facilities have continued to operate without significant disruption related to COVID-19.

General Mills said the company is not currently providing an outlook for fiscal 2021 growth in organic net sales, adjusted operating profit, and adjusted earnings per share. General Mills expects net sales growth in fiscal 2021 will be positively impacted by its superior execution as well as elevated at-home food demand, relative to the pre-pandemic period. Fiscal 2021 net sales growth may be negatively impacted by a potential reduction in consumers' at-home food inventory, which has been elevated during the pandemic. The company expects to make further progress in fiscal 2021 in reducing its net-debt-to-adjusted-EBITDA ratio, which stood at 3.2x at the end of fiscal 2020.

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