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General Mills profit misses consensus by 26.5% in fiscal Q1

General Mills Inc. said its normalized net income for the fiscal first quarter ended Aug. 24 came to 50 cents per share, compared with the S&P Capital IQ consensus estimate of 69 cents per share.

EPS decreased 20.4% year over year from 63 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $317.2 million, a decrease of 24.1% from $418.0 million in the year-earlier period.

The normalized profit margin fell to 7.4% from 9.6% in the year-earlier period.

Total revenue decreased on an annual basis to $4.27 billion from $4.37 billion, and total operating expenses climbed year over year to $3.70 billion from $3.64 billion.

Reported net income declined 25.1% from the prior-year period to $346.0 million, or 55 cents per share, from $462.2 million, or 70 cents per share.