General Mills Profit Tops Estimates Helped by Sales of Yoki

General Mills Inc. (GIS), the maker of Cheerios cereal, reported fiscal second-quarter profit that beat analysts’ estimates, helped by sales from its Yoki Alimentos business in Brazil.

Net income rose 22 percent to $541.6 million, or 82 cents a share, from $444.8 million, or 67 cents, a year earlier, the Minneapolis-based company said today in a statement. Excluding some items, profit totaled 86 cents a share. Analysts projected 79 cents, the average of 18 estimates compiled by Bloomberg.

Net sales rose 5.6 percent to $4.88 billion in the quarter after General Mills benefited from the addition of Yoki, which it acquired this year for $860.9 million to more than double sales in Latin America.

General Mills fell 0.6 percent to $41.50 at 9:45 a.m. in New York. The shares had advanced 3.4 percent this year through yesterday.

The company also boosted its full-year profit forecast to as much as $2.67 a share from $2.65 a share. Analysts’ projected $2.67, the average of estimates compiled by Bloomberg.

To contact the reporter on this story: Renee Dudley 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.