General Mills tops 4Q net income expectations, misses revenue forecasts

MarketsAssociated Press

General Mills Inc. (GIS) on Wednesday reported fiscal fourth-quarter earnings of $186.8 million.

On a per-share basis, the Minneapolis-based company said it had profit of 30 cents. Earnings, adjusted for asset impairment costs and pretax expenses, came to 75 cents per share.

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The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.

The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.3 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $4.52 billion.

General Mills shares have increased 4.5 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has risen nearly 2 percent in the last 12 months.


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Keywords: General Mills, Earnings Report