General Mills: Fiscal 2Q Earnings Snapshot
MINNEAPOLIS (AP) _ General Mills Inc. (GIS) on Wednesday reported fiscal second-quarter net income of $343.4 million.
The Minneapolis-based company said it had net income of 57 cents per share. Earnings, adjusted for asset impairment costs and costs related to mergers and acquisitions, were 85 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.41 billion in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $4.51 billion.
General Mills shares have declined 38 percent since the beginning of the year, while the Standard & Poor’s 500 index has decreased almost 5 percent. The stock has decreased 37 percent in the last 12 months.