MINNEAPOLIS — General Mills Inc. today reported fiscal first-quarter profit of $627 million.
The Minneapolis-based company said it had profit of $1.02 per share. Earnings, adjusted for one-time gains and costs, were 99 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
The maker of Cheerios cereal, Yoplait yogurt and other packaged foods posted revenue of $4.54 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $4.35 billion.
General Mills shares have dropped slightly more than 1% since the beginning of the year, while the S&P’s 500 index has risen 16%. The stock has risen slightly in the past 12 months.