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 

2023 
2022 
2021 
Net sales 
$ 
20,094.2
$ 
18,992.8
$ 
18,127.0

Cost of sales 

13,548.4
12,590.6
11,678.7
Selling, general, and administrative expenses 
3,500.4
3,147.0
3,079.6
Divestitures (gain) loss, net 
(444.6)
(194.1)
53.5
Restructuring, impairment, and other exit costs (recoveries) 
56.2
(26.5)
170.4
Operating profit 
3,433.8
3,475.8
3,144.8
Benefit plan non-service income 
(88.8)
(113.4)
(132.9)
Interest, net 
382.1
379.6
420.3
Earnings before income taxes and after-tax earnings
from joint ventures 
3,140.5
3,209.6
2,857.4
Income taxes 
612.2
586.3
629.1
After-tax earnings from joint ventures 
81.3
111.7
117.7
Net earnings, including earnings attributable to redeemable and

noncontrolling interests 
2,609.6
2,735.0
2,346.0
Net earnings attributable to redeemable and noncontrolling interests 
15.7
27.7
6.2

Net earnings attributable to General Mills 

$ 
2,593.9
$ 
2,707.3
$ 
2,339.8
Earnings per share - basic 
$ 
4.36
$ 
4.46
$ 
3.81
Earnings per share - diluted 
$ 
4.31
$ 
4.42
$ 
3.78
Dividends per share 
$ 
2.16
$ 
2.04
$ 
2.02
See accompanying notes to consolidated financial statements. 

 
, J M SMUCKER Co 10-K form for the fiscal year ended 2024-04-30, page 52: 
THE J. M. SMUCKER COMPANY


STATEMENTS OF CONSOLIDATED INCOME
|    |                                                    |                      |         |      |         |      |         |         |    |         |
|---:|:---------------------------------------------------|:---------------------|:--------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
|  1 |                                                    | Year Ended April 30, |         |      |         |      |         |         |    |         |
|  2 | (Dollars in millions, except per share data)       | 2024                 |         | 2023 |         | 2022 |         |         |    |         |
|  3 | Net sales                                          | $                    | 8,178.7 |      |         | $    | 8,529.2 |         | $  | 7,998.9 |
|  4 | Cost of products sold (A)                          | 5,063.3              |         |      | 5,727.4 |      |         | 5,298.2 |    |         |
|  5 | Gross Profit                                       | 3,115.4              |         |      | 2,801.8 |      |         | 2,700.7 |    |         |
|  6 | Selling, distribution, and administrative expenses | 1,446.2              |         |      | 1,455.0 |      |         | 1,360.3 |    |         |
|  7 | Amortization                                       | 191.1                |         |      | 206.9   |      |         | 223.6   |    |         |
|  9 | Other intangible assets impairment charges         | -                    |         |      | -       |      |         | 150.4   |    |         |
| 10 | Other special project costs (A)                    | 130.2                |         |      | 4.7     |      |         | 8.0     |    |         |
| 11 | Loss (gain) on divestitures – net                  | 12.9                 |         |      | 1,018.5 |      |         | (9.6)   |    |         |
| 12 | Other operating expense (income) – net             | 29.2                 |         |      | (40.8)  |      |         | (55.8)  |    |         |
| 13 | Operating Income                                   | 1,305.8              |         |      | 157.5   |      |         | 1,023.8 |    |         |
| 14 | Interest expense – net                             | (264.3)              |         |      | (152.0) |      |         | (160.9) |    |         |
| 15 | Other debt costs (A)                               | (19.5)               |         |      | -       |      |         | -       |    |         |
| 16 | Other income (expense) – net                       | (25.6)               |         |      | (14.7)  |      |         | (19.1)  |    |         |
| 17 | Income (Loss) Before Income Taxes                  | 996.4                |         |      | (9.2)   |      |         | 843.8   |    |         |
| 18 | Income tax expense                                 | 252.4                |         |      | 82.1    |      |         | 212.1   |    |         |
| 19 | Net Income (Loss)                                  | $                    | 744.0   |      |         | $    | (91.3)  |         | $  | 631.7   |
| 20 | Earnings per common share:                         |                      |         |      |         |      |         |         |    |         |
| 21 | Net Income (Loss)                                  | $                    | 7.14    |      |         | $    | (0.86)  |         | $  | 5.84    |
| 22 | Net Income (Loss) – Assuming Dilution              | $                    | 7.13    |      |         | $    | (0.86)  |         | $  | 5.83    |

(A)Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs, Note 5: Reportable Segments, and Note 8: Debt and Financing Arrangements.

See notes to consolidated financial statements.

THE J. M. SMUCKER COMPANY


STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
|    |                                                                     |                      |       |      |        |      |        |        |    |       |
|---:|:--------------------------------------------------------------------|:---------------------|:------|:-----|:-------|:-----|:-------|:-------|:---|:------|
|  1 |                                                                     | Year Ended April 30, |       |      |        |      |        |        |    |       |
|  2 | (Dollars in millions)                                               | 2024                 |       | 2023 |        | 2022 |        |        |    |       |
|  3 | Net income (loss)                                                   | $                    | 744.0 |      |        | $    | (91.3) |        | $  | 631.7 |
|  4 | Other comprehensive income (loss):                                  |                      |       |      |        |      |        |        |    |       |
|  5 | Foreign currency translation adjustments                            | (4.9)                |       |      | (13.2) |      |        | (12.1) |    |       |
|  6 | Cash flow hedging derivative activity, net of tax                   | 10.5                 |       |      | 10.3   |      |        | 10.9   |    |       |
|  7 | Pension and other postretirement benefit plans activity, net of tax | (0.7)                |       |      | 1.5    |      |        | 43.1   |    |       |
|  8 | Available-for-sale securities activity, net of tax                  | (0.3)                |       |      | (0.4)  |      |        | (1.9)  |    |       |
|  9 | Total Other Comprehensive Income (Loss)                             | 4.6                  |       |      | (1.8)  |      |        | 40.0   |    |       |
| 10 | Comprehensive Income (Loss)                                         | $                    | 748.6 |      |        | $    | (93.1) |        | $  | 671.7 |
See notes to consolidated financial statements.
52






Question: Compare the revenue growth rates of General Mills and J M Smucker Co for the fiscal years 2023 and 2024.
Answer: To compare the revenue growth rates of General Mills and J M Smucker Co for the fiscal years 2023 and 2024, we need to calculate the revenue growth rate using the formula: Revenue Growth Rate = (Current Year Revenue - Previous Year Revenue) / Previous Year Revenue.
For General Mills:
  - Revenue: $19,857.2 million
  - Previous Year Revenue: $20,094.2 million
  - Revenue Growth Rate = ($19,857.2 million - $20,094.2 million) / $20,094.2 million = -0.012 or -1.2%
- Fiscal Year 2023:
  - Revenue: $20,094.2 million
  - Previous Year Revenue: $18,992.8 million
  - Revenue Growth Rate = ($20,094.2 million - $18,992.8 million) / $18,992.8 million = 0.058 or 5.8%
For J M Smucker Co:
- Fiscal Year 2024:
  - Revenue: $8,178.7 million
  - Previous Year Revenue: $8,529.2 million
  - Revenue Growth Rate = ($8,178.7 million - $8,529.2 million) / $8,529.2 million = -0.041 or -4.1%
- Fiscal Year 2023:
  - Revenue: $8,529.2 million
  - Previous Year Revenue: $7,998.9 million
  - Revenue Growth Rate = ($8,529.2 million - $7,998.9 million) / $7,998.9 million = 0.066 or 6.6%
In summary, General Mills experienced a slight decline in revenue growth rate from 5.8% in fiscal year 2023 to -1.2% in fiscal year 2024. On the other hand, J M Smucker Co also experienced a decline in revenue growth rate from 6.6% in fiscal year 2023 to -4.1% in fiscal year 2024. Both companies faced a decrease in revenue growth rate in fiscal year 2024 compared to fiscal year 2023, with J M Smucker Co experiencing a more significant decline.