General Mills 1Q profit falls as revenue rises

MINNEAPOLIS —General Mills Inc.'s fiscal first-quarter net income fell 14 percent, but its adjusted results beat Wall Street's expectations as revenue climbed on higher prices, solid demand and new products.

The Minneapolis-based food maker reaffirmed its full-year adjusted earnings outlook.

The maker of Cheerios cereal and Haagen-Dazs ice cream said Wednesday its net income fell to $405.6 million, or 61 cents per share, for the period ended Aug. 28. That's down from $473.6 million, or 70 cents per share, a year earlier.

Removing special items, adjusted earnings came to 64 cents per share.

This topped the 62 cents per share that analysts expected.

Revenue rose 9 percent to $3.85 billion, topping Wall Street's forecast of $3.81 billion.

The period included one month of results for Yoplait, which the company acquired a controlling stake in during the quarter.