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General Mills Profit Tops Estimates on Sales Abroad

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Sept. 19 (Bloomberg) -- General Mills Inc., 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 jcallan2@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

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