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General Mills fiscal Q2 profit climbs YOY

General Mills Inc. said its normalized net income for the fiscal second quarter ended Nov. 27 amounted to 80 cents per share, compared with the S&P Capital IQ consensus estimate of 86 cents per share.

EPS climbed 6.9% year over year from 75 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $479.5 million, a gain from $458.0 million in the prior-year period.

The normalized profit margin increased to 11.7% from 10.3% in the year-earlier period.

Total revenue decreased 7.1% on an annual basis to $4.11 billion from $4.42 billion, and total operating expenses declined 9.5% on an annual basis to $3.28 billion from $3.62 billion.

Reported net income fell 10.0% from the prior-year period to $479.8 million, or 80 cents per share, from $532.8 million, or 87 cents per share.