MINNEAPOLIS (AP) — MINNEAPOLIS (AP) — General Mills Inc. (GIS) on Wednesday reported fiscal first-quarter net income of $673.5 million.
On a per-share basis, the Minneapolis-based company said it had profit of $1.14. Earnings, adjusted for non-recurring gains, came to $1.09 per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.
The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.9 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $4.86 billion.