General Mills Posts Strong Quarter, Raises Forecast

The packaged food giant reported $4.72 billion in revenue.

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MINNEAPOLIS (AP) — General Mills Inc. on Wednesday reported a fiscal first-quarter profit of $820 million.

The Minneapolis-based company said it had profit of $1.35 per share. Earnings, adjusted for one-time gains and costs, were $1.11 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1 per share.

The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.72 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $4.67 billion.

The company also raised its profit forecast for the year. Shares of General Mills stock rose $4.31 to $79.72 in Wednesday trading.

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