General Mills Inc. (GIS) on Tuesday reported fiscal first-quarter net income of $392.3 million.
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The Minneapolis-based company said it had net income of 65 cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to 71 cents per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.
The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.09 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $4.12 billion.
General Mills shares have declined 19 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 8 percent. The stock has fallen 14 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on GIS at https://www.zacks.com/ap/GIS
