General Mills Q1 Profit Decreases, but beats estimates

(RTTNews) - General Mills (GIS) reported a profit for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line totaled $673.5 million, or $1.14 per share. This compares with $820.0 million, or $1.35 per share, in last year's first quarter.

Excluding items, General Mills reported adjusted earnings of $647.0 million or $1.09 per share for the period.

Analysts on average had expected the company to earn $1.08 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 3.8% to $4.90 billion from $4.72 billion last year.

General Mills earnings at a glance (GAAP) :

-Earnings (Q1): $673.5 Mln. vs. $820.0 Mln. last year. -EPS (Q1): $1.14 vs. $1.35 last year. -Analyst Estimates: $1.08 -Revenue (Q1): $4.90 Bln vs. $4.72 Bln last year.