General Mills Misses Wall Street 1Q Forecasts

MINNEAPOLIS (AP) — General Mills Inc. on Wednesday reported profit of $345.2 million in its fiscal first quarter.

On a per-share basis, the Minneapolis-based company said it had profit of 55 cents. Earnings, adjusted for non-recurring costs and restructuring costs, were 61 cents per share.

The results fell short of Wall Street expectations. The average estimate of 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 $4.27 billion in the period, also falling short of Street forecasts. Analysts expected $4.42 billion, according to Zacks.

General Mills shares have risen nearly 7 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 8 percent. The stock has climbed almost 7 percent in the last 12 months.

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