General Mills profit misses Wall St. estimates
MINNEAPOLIS (AP) — General Mills (GIS) 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 were down almost 4% in afternoon trading. Its stock has risen nearly 7% since the beginning of the year.