General Mills Posts Strong Earnings

The packaged foods giant also reported better-than-expected revenue of $4.9 billion.

General Mills plant, Sharonville, Ohio, May 2017.
General Mills plant, Sharonville, Ohio, May 2017.

MINNEAPOLIS (AP) β€” General Mills Inc. on Wednesday reported fiscal fourth-quarter earnings of $822.8 million.

On a per-share basis, the Minneapolis-based company said it had profit of $1.35. Earnings, adjusted for non-recurring gains, were $1.12 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.

The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.89 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $4.8 billion.

For the year, the company reported profit of $2.71 billion, or $4.42 per share. Revenue was reported as $18.99 billion.

More in Consumer Trends