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General Mills misses Street 1Q forecasts

This Tuesday, May 23, 2017, photo shows General Mills cereal products on display at a local supermarket in Miami. General Mills, Inc. reports earnings, Wednesday, Sept. 20, 2017. (AP Photo/Alan Diaz)

MINNEAPOLIS (AP) _ General Mills Inc. (GIS) on Wednesday reported fiscal first-quarter profit of $404.7 million.

The Minneapolis-based company said it had net income of 69 cents per share. Earnings, adjusted for one-time gains and costs, came to 71 cents per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.

The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $3.77 billion in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $3.79 billion.

General Mills shares have fallen 10 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 12 percent. The stock has decreased 15 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GIS at https://www.zacks.com/ap/GIS


Keywords: General Mills, Earnings Report