General Mills 1Q Results at a Glance
HOW THEY DID: Minneapolis-based General Mills Inc. earned $420.6 million, or $1.25 per share, for the quarter that ended Aug. 30. That's up from $278.5 million, or 79 cents per share, a year earlier.
Excluding an expense related to commodity positions, profit totaled $1.28 per share. Revenue for the quarter grew 1 percent to $3.52 billion on strong sales of cereal and Pillsbury products.
WALL STREET EXPECTATIONS: The results beat estimates of analysts surveyed by Thomson Reuters, who had expected a profit of $1.03 per share on revenue of $3.49 billion. Analysts' estimates generally exclude one-time items.
WHAT'S NEXT: General Mills raised its 2010 adjusted profit forecast to a range of $4.40 to $4.45 per share, from $4.20 to $4.25 previously. Analysts have forecast net income of $4.26 per share for the year, on average.
Copyright 2009 AP News
