General Mills misses Street 2Q forecasts

IndustriesAssociated Press

General Mills Inc. (GIS) on Tuesday reported fiscal second-quarter earnings of $481.8 million.

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The Minneapolis-based company said it had profit of 80 cents per share. Earnings, adjusted for one-time gains and costs, were 85 cents per share.

The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.

The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.11 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $4.2 billion.

General Mills shares have risen slightly more than 9 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 11 percent. The stock has climbed 10 percent in the last 12 months.


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Keywords: General Mills, Earnings Report