GENERAL MILLS INC 10-K form, page 42: 
































































































42 

Consolidated Statements of Earnings 


GENERAL MILLS, INC. AND SUBSIDIARIES 


(In Millions, Except per Share Data) 


Fiscal Year 

2024 
2023 
2022 
Net sales 
$ 
19,857.2
$ 
20,094.2
$ 
18,992.8

Cost of sales 

12,925.1
13,548.4
12,590.6
Selling, general, and administrative expenses 
3,259.0
3,500.4
3,147.0
Divestitures gain, net 
-
(444.6)
(194.1)
Restructuring, impairment, and other exit costs (recoveries) 
241.4
56.2
(26.5)
Operating profit 
3,431.7
3,433.8
3,475.8
Benefit plan non-service income 
(75.8)
(88.8)
(113.4)
Interest, net 
479.2
382.1
379.6
Earnings before income taxes and after-tax earnings
from joint ventures 
3,028.3
3,140.5
3,209.6
Income taxes 
594.5
612.2
586.3
After-tax earnings from joint ventures 
84.8
81.3
111.7
Net earnings, including earnings attributable to redeemable and

noncontrolling interests 
2,518.6
2,609.6
2,735.0
Net earnings attributable to redeemable and noncontrolling interests 
22.0
15.7
27.7

Net earnings attributable to General Mills 

$ 
2,496.6
$ 
2,593.9
$ 
2,707.3
Earnings per share - basic 
$ 
4.34
$ 
4.36
$ 
4.46
Earnings per share - diluted 
$ 
4.31
$ 
4.31
$ 
4.42
Dividends per share 
$ 
2.36
$ 
2.16
$ 
2.04
See accompanying notes to consolidated financial statements. 

 


Question: What is the significance of the net income metric for General Mills in the fiscal year 2024, and how does it impact the company's overall profitability?
Answer: Net income is a crucial profitability metric that indicates the company's total earnings after all expenses, taxes, and costs have been deducted from total revenue. For General Mills, the net income for the fiscal year 2024 was $2,496.6 million. This figure is slightly lower than the net income of $2,593.9 million in 2023 and $2,707.3 million in 2022. The net income metric is significant because it provides a clear picture of the company's profitability and financial health. A decline in net income, as seen in 2024, could signal potential issues such as increased costs, reduced sales, or other financial challenges. This decrease in net income can impact the company's ability to reinvest in its operations, pay dividends, and meet its financial obligations. Additionally, a lower net income might affect investor confidence and the company's stock price. It is essential for General Mills to analyze the factors contributing to this decline and address any underlying issues to ensure sustained profitability and financial stability.