Packaged foods maker General Mills, Inc. ( GIS ) on Wednesday said its first quarter profit fell 14% from last year, hurt by rising costs, but still backed its full-year forecast.
The Minneapolis-based company reported fiscal first quarter net income of $405.6 million, or 61 cents per share, compared with $472.1 million, or 70 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 64 cents per share.
Sales rose nearly 9% from last year to $3.85 billion.
On average, Wall Street analysts expected a smaller adjusted profit of 62 cents per share, on lower revenue of $3.81 billion.
CEO Ken Powell commented, "A challenging first-quarter comparison is now behind us, and we expect General Mills to show earnings growth over the next nine months."
General Mills shares rose 54 cents, or +1.4%, in premarket trading Wednesday.
The Bottom Line
We have been recommending shares of General Mills ( GIS ) since July 30, 2009, when the stock was trading at $29.54. The company has a 3.25% dividend yield, based on last night's closing stock price of $37.49.
General Mills, Inc. ( GIS ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.6 out of 5 stars.
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