General Mills Inc. said its normalized net income for the fiscal first quarter ended Aug. 28 came to 68 cents per share, compared with the S&P Capital IQ consensus estimate of 75 cents per share.
EPS fell 6.5% year over year from 73 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $416.0 million, a decrease of 6.9% from $446.9 million in the prior-year period.
The normalized profit margin rose to 10.6% from 10.6% in the year-earlier period.
Total revenue declined 7.1% on an annual basis to $3.91 billion from $4.21 billion, and total operating expenses fell 7.4% year over year to $3.18 billion from $3.43 billion.
Reported net income decreased from the prior-year period to $410.3 million, or 67 cents per share, from $424.7 million, or 69 cents per share.
