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.
