General Mills Beats Wall Street 4Q Expectations

MINNEAPOLIS, MN — General Mills Inc. (GIS) on Wednesday reported fiscal fourth-quarter net income of $408.9 million. On a per-share basis, the Minneapolis-based company said it had profit of 69 cents. Earnings, adjusted for non-recurring costs and restructuring costs, were 73 cents per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.

The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $3.81 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $3.75 billion.

For the year, the company reported profit of $1.66 billion, or $2.77 per share. Revenue was reported as $15.62 billion.

General Mills shares have declined 10 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 8 percent. The stock has dropped 16 percent in the last 12 months.

Photo credit: In this Friday, April 21, 2017, photo, boxes of General Mills' Cheerios cereal are arranged for a photo in Surfside, Fla. General Mills Inc. reports earnings, Wednesday, June 28, 2017. (AP Photo/Wilfredo Lee)