On June 29, General Mills
- Sales exceeded expectations, and -- when adjusted for $0.08 per share in potential dilution from convertible debt -- EPS also met expectations.
- 2006 earnings declined versus 2005, but 2005 numbers contain one-time gains from sales of assets. Adjusted for those gains, earnings increased slightly. Cash from operations and free cash flow also improved.
- General Mills repurchased 19 million shares during the fiscal year, which helped to reduce diluted share count by 7.3%
(Figures in millions, except per-share data)
Income Statement Highlights
|
Avg. Est. |
FY 2006 |
FY 2005 |
Change |
|
|---|---|---|---|---|
|
Sales |
$11,590 |
$11,640 |
$11,244 |
3.5% |
|
Net Profit |
-- |
$1,090 |
$1,240 |
(12.1%) |
|
EPS |
$2.98 |
$2.90 |
$3.08 |
(5.8%) |
|
Diluted Shares |
379 |
409 |
(7.3%) |
Get back to basics with a look at the income statement.
Margin Checkup
|
FY 2006 |
FY 2005 |
Change* |
|
|---|---|---|---|
|
Gross Margin |
40.15% |
39.22% |
0.93 |
|
EBT margin** |
13.46% |
16.14% |
(2.68) |
|
Net Margin |
9.36% |
11.03% |
(1.67) |
**Excludes Earnings from Joint Ventures
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
|
Assets |
FY 2006 |
FY 2005 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$647 |
$573 |
12.9% |
|
Accounts Rec. |
$1,076 |
$1,034 |
4.1% |
|
Inventory |
$1,055 |
$1,037 |
1.7% |
|
Liabilities |
FY 2006 |
FY 2005 |
Change |
|---|---|---|---|
|
Accounts Payable |
$1,151 |
$1,136 |
1.3% |
|
Long-Term Debt |
$2,415 |
$4,255 |
(43.2%) |
Learn the ways of the balance sheet.
Cash Flow Highlights
|
FY 2006 |
FY 2005 |
Change |
|
|---|---|---|---|
|
Cash From Ops. |
$1,771 |
$1,711 |
3.5% |
|
Capital Expenditures |
$360 |
$414 |
(13.0%) |
|
Free Cash Flow |
$1,411 |
$1,297 |
8.8% |
Find out why Fools always follow the money.
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Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.
At the time of publication,Nathan Parmelee had no positions in any of the companies mentioned. Fool rules are here.
