General Mills tops 1Q earnings expectations, misses revenue forecasts

General Mills Inc. (GIS) on Tuesday reported fiscal first-quarter net income of $426.6 million.

On a per-share basis, the Minneapolis-based company said it had profit of 69 cents. Earnings, adjusted for restructuring costs and non-recurring costs, came to 79 cents per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.

The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.21 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $4.23 billion.

General Mills shares have increased 6.5 percent since the beginning of the year, while the Standard & Poor's 500 index has fallen 4.5 percent. The stock has increased 11 percent in the last 12 months.


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