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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. 29 was 75 cents per share, compared with the S&P Capital IQ consensus estimate of 83 cents per share.

EPS increased year over year from 74 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $458.0 million, compared with $454.9 million in the year-earlier period.

The normalized profit margin increased to 10.3% from 9.7% in the year-earlier period.

Total revenue fell 6.1% on an annual basis to $4.42 billion from $4.71 billion, and total operating expenses declined 7.7% year over year to $3.62 billion from $3.92 billion.

Reported net income rose 53.8% from the prior-year period to $532.8 million, or 87 cents per share, from $346.3 million, or 56 cents per share.