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General Mills profit misses consensus by 15.7% in fiscal Q3

General Mills Inc. said its normalized net income for the fiscal third quarter ended Feb. 26 amounted to 59 cents per share, compared with the S&P Capital IQ consensus estimate of 71 cents per share.

EPS climbed year over year from 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $351.8 million, compared with $349.1 million in the prior-year period.

The normalized profit margin rose to 9.3% from 8.7% in the year-earlier period.

Total revenue decreased 5.2% year over year to $3.79 billion from $4.00 billion, and total operating expenses declined 6.8% year over year to $3.15 billion from $3.37 billion.

Reported net income came to $360.8 million, or 61 cents per share, compared with $359.0 million, or 59 cents per share, in the year-earlier period.