General Mills’ Brand Investments Should Support Price/Mix and Revitalize Top-Line Growth
Wide-moat General Mills posted strong third-quarter results, with strengthened price/mix (up 3% on an organic basis, accelerating from 2% in the first half) and profitability expansion prompting management to raise its full-year outlook for adjusted EPS growth (to a range of flat to up 1%, from a range of flat to down 3% prior and versus our negative 1% estimate). From our vantage point, the firm's sustained investments behind its brands (with combined spending on advertising and research and de...General Mills manufactures and markets branded consumer foods. The company's segments are: North America Retail, which provides cereals, refrigerated yogurt, soup, meal kits, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and organic products, among others; Convenience Stores and Foodservice, which provides snacks, yogurt, frozen meals and frozen dough products, and baking mixes, among others; Europe and Australia, which includes retail and foodservice businesses in the Europe and Australia region; Asia and Latin America, which consists of retail and foodservice businesses in the Asia and South America regions; and Pets, which includes pet food products.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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