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.
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