General Mills beats 3Q profit expectations, misses revenue forecasts

MarketsAssociated Press

General Mills Inc. (GIS) on Wednesday reported fiscal third-quarter net income of $343.2 million.

On a per-share basis, the Minneapolis-based company said it had profit of 56 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 70 cents per share.

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The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.

The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.35 billion in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $4.4 billion.

General Mills shares have fallen slightly more than 2 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 1 percent. The stock has increased 3 percent in the last 12 months.


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Keywords: General Mills, Earnings Report