Wide-Moat General Mills Posts Top-Line Gains in 2Q; Shares Look Attractive
We were pleased to see wide-moat General Mills’ top-line return to growth in the second quarter, with organic net sales up 1% over last year, driven entirely by price/mix. While its operating margin contracted 130 basis points to 17.4%, we maintain that the firm’s cost savings initiatives should fuel further bottom-line gains over the next several years. Moreover, management cited a 7% uptick in advertising and media expense during the quarter as a drag on profitability. We support this brand sp...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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