General Mills Exceeds Earnings Expectations

The maker of Cheerios and Yoplait posted a quarterly revenue of $4.16 billion.

General Mills (1)

MINNEAPOLIS (AP)  General Mills, Inc. has reported fiscal fourth-quarter earnings of $570.2 million. The Minneapolis-based company said it had profit of 94 cents per share. Earnings, adjusted for one-time gains and costs, were 83 cents per share. 

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share. The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.16 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $4.23 billion. 

For the year, the company reported profit of $1.75 billion, or $2.90 per share. Revenue was reported as $16.87 billion. General Mills shares have climbed 38 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 16 percent. The stock has increased 17 percent in the last 12 months.