General Mills booked an increase in full-year sales and earnings today (26 June), boosted by the contribution of new business and rising international revenues.
The US cereal maker revealed that net sales rose 7% to US$17.8bn in fiscal 201. Excluding new business, sales were up 1%, the group added.
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Operating profit was up 11.3% to $2.8bn while segment operating profit, which strips out corporate expenses, increased 6% to $3.2bn. Net earnings gained 18.4% to $1.85bn, boosted by a 12% rise in post-tax earnigns from joint ventures.
“Our 2013 results reflect good growth from established product lines and important contributions from new businesses added during the year. Each of our three operating segments posted profit growth,” chairman and CEO Ken Powell said. “In addition, we exited the year with momentum that enabled us to finish 2013 a bit better than our original estimates.”
Looking to 2014, General Mills said that it anticipates low single-digit sales growth, with revenues expected to exceed $18bn, and mid single-digit operating profit growth, booted by the company’s focus on holistic margin management.
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