General Mills says free cash flow grew 28% this year to $2.2 billion

By Devika Patel

Knoxville, Tenn., June 27 – General Mills, Inc. saw its free cash flow increase 28% year over year to $2,218,300,000 from $1,730,800,000.

“Full year free cash flow grew 28% to $2.2 billion, which represents a 120% conversion rate on our adjusted after-tax earnings,” executive vice president and chief financial officer Don Mulligan said on the company’s fourth quarter and year ended May 27 earnings conference call on Wednesday.

Cash and cash equivalents were $399 million as of May 27, 2018, compared to $766.1 million as of May 28, 2017.

Long-term debt was $12,668,700,000 as of May 27, 2018, compared to $7,642,900,000 as of May 28, 2017.

On April 24, General Mills acquired pet food maker Blue Buffalo for $8 billion.

The company financed the transaction with $6 billion in long-term debt, $1 billion in equity and cash on hand.

The maker of consumer food products is based in Minneapolis.

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