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General Mills fiscal Q2 profit falls YOY

General Mills Inc. said its normalized net income for the fiscal second quarter ended Nov. 23 was 73 cents per share, compared with the S&P Capital IQ consensus estimate of 76 cents per share.

EPS declined 5.7% year over year from 78 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $454.4 million, a decrease of 10.3% from $506.7 million in the year-earlier period.

The normalized profit margin dropped to 9.7% from 10.4% in the year-earlier period.

Total revenue fell on an annual basis to $4.71 billion from $4.88 billion, and total operating expenses fell year over year to $3.92 billion from $4.00 billion.

Reported net income declined 36.6% from the prior-year period to $346.3 million, or 56 cents per share, from $546.0 million, or 84 cents per share.