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General Mills fiscal Q1 profit falls YOY

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.