RBC Capital Raises Price Target on General Mills (GIS) to $73 Following 4Q
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General Mills Reports Fiscal 2016 Results With EPS Above Previous Guidance; Increases Margin Expansion Target
June 29, 2016 7:50 AM EDTMINNEAPOLIS, June 29, 2016 /PRNewswire/ -- General Mills (NYSE: GIS) today reported results for the fourth quarter and full fiscal year ended May 29, 2016. These results reflect the impact of foreign exchange headwinds, the sale of the North American Green Giant business, and one less week compared to fiscal 2015.
Fiscal 2016 Financial Summary
Net sales declined 6 percent to $16.6 billion. On a constant-currency basis, net sales decreased 2 percent. Operating profit totaled $2.7 billion, up 30 percent compared to the prior year. Operating profit margin increased 450 basis points to 16.3... More