Excerpt from the Call transcript:
Net earnings attributable to General Mills and diluted earnings per share both grew at a double-digit rates primarily due to lower restructuring expense this year. Adjusted diluted EPS which excludes restructuring and certain other items affecting comparability declined 12% to $0.53 per share. Slide five gives you the components of our fourth quarter sales growth. Volume was up 11% including strong contribution from the recently added Yoki and Yoplait International businesses. Price and mix reduced sales growth by 1 point in the quarter and foreign exchange attracted 2 points of growth.
Slide seven summarizes the few other items of note to the fourth quarter. Advertising and media expense increased 5%. Corporate unallocated excluding mark-to-market effects totaled $115 million that's above last years fourth quarter due in part to $40 million annual increase in pension expense this year. Our fourth quarter tax rate was 31.5% as reported including several discrete tax items that remain excluded from our calculations of adjusted diluted EPS.
More at http://www.earningsimpact.com/Transcript/81773/GIS/Q4-2013-Earnings-Call
Slide seven summarizes the few other items of note to the fourth quarter. Advertising and media expense increased 5%. Corporate unallocated excluding mark-to-market effects totaled $115 million that's above last years fourth quarter due in part to $40 million annual increase in pension expense this year. Our fourth quarter tax rate was 31.5% as reported including several discrete tax items that remain excluded from our calculations of adjusted diluted EPS.
More at http://www.earningsimpact.com/Transcript/81773/GIS/Q4-2013-Earnings-Call
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