General Mills profit rises 12%
General Mills Inc. said its fiscal first-quarter profit rose 12% to $472.1 million, or 70 cents a share.
The Minneapolis maker of food products such as Cheerios and Green Giant vegetables said profit excluding some items totaled 64 cents a share, exceeding by 1 cent the average of analysts’ estimates compiled by Bloomberg.
Revenue climbed 1.5% to $3.53 billion, trailing the average analysts’ estimate of $3.57 billion.
General Mills reiterated its full-year profit forecast of as much as $2.48 a share, excluding items such as markto-market effects, up from $2.30 a year earlier. Analysts, on average, predict $2.49.