General Mills Ends Year With Enhanced Profitability Despite Slightly Lukewarm Organic Sales
While wide-moat General Mills largely ended the year in line with our expectations, we suspect concerns around the firm's organic growth prospects remain an overhang on shares. Fiscal 2019 sales growth fell slightly short of our expectations (with sales up 7.2%, versus our estimate of nearly 8%), with organic sales remaining flat (including a 1% decline in the fourth quarter) versus our expectations for slightly below 1% growth. However, we were pleased to see profitability strengthen, with full...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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