General Mills Meets Profit Expectations

MINNEAPOLIS, MN — General Mills met Wall Street expectations Wednesday as it reported fiscal second-quarter profit of $430.5 million.

The Minneapolis-based company said it had profit of 74 cents per share. Earnings, adjusted for one-time gains and costs, were 82 cents per share. The average estimate of eight analysts surveyed by Zacks Investment Research was also for earnings of 82 cents per share.

The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.2 billion in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $4.07 billion.

General Mills shares have decreased almost 7 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 20 percent. The stock has decreased almost 9 percent in the last 12 months.

AP Photo/Mark Lennihan, File