General Mills Profit Tops Estimates on Sales Abroad

General Mills Inc. (GIS), the maker of Cheerios cereal, reported first-quarter profit that topped analysts’ estimates as sales gained in Europe and Canada.

Net income rose 35 percent to $548.9 million, or 82 cents a share, from $405.6 million, or 61 cents, a year earlier, the Minneapolis-based company said today in a statement. Excluding some items, profit totaled 66 cents a share. Analysts projected 62 cents, the average of 17 estimates compiled by Bloomberg.

International sales increased 27 percent to $1.09 billion. On a constant-currency basis, sales gained 51 percent in Europe and 28 percent in Canada. Results were helped by its Yoplait International acquisition, General Mills said. Total sales rose 5.3 percent to $4.05 billion.

General Mills advanced 1.7 percent to $39.96 at 9:36 a.m. in New York. The shares had dropped 2.7 percent this year through yesterday.

To contact the reporter on this story: James Callan in New York at

To contact the editor responsible for this story: Robin Ajello at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.