General Mills reported fourth-quarter adjusted earnings of 95 cents a share on Wednesday, beating analyst estimates of 80 cents a share, according to The Wall Street Journal.
The Minneapolis-based company also announced a plan to cut $3 billion in cumulative costs by fiscal 2030
Revenue rose 1% to $4.61 billion for the quarter ended May 31. Analyst expectations called for $4.59 billion in revenue. Two large non-cash items weighed on General Mills’ bottom line: $1.8 billion in goodwill and brand intangible asset charges and a $1 billion valuation loss tied to the pending sale of its Brazil business, together pushing the company from a $294 million profit a year earlier to a net loss of $2.01 billion.
On an adjusted basis, the company’s gross margin improved 150 basis points to 34.2%. “We finished fiscal 2026 on a positive note, delivering fourth-quarter adjusted results that met our expectations while continuing to strengthen our foundation to position General Mills for long-term success,” CEO Jeff Harmening said in a statement. To reach its $3 billion savings goal by fiscal 2030, the company is drawing on two programs: its existing Holistic Margin Management productivity effort, which is expected to account for roughly $2 billion, and a separate global transformation initiative aimed at overhauling supply chain operations and simplifying how the business runs, the company said. General Mills expects to deliver at least $750 million in savings in fiscal 2027 alone.