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.
