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General Mills profit misses consensus by 18.9% in fiscal Q3

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General Mills profit misses consensus by 18.9% in fiscal Q3

General Mills Inc. said its normalized net income for the fiscal third quarter ended Feb. 22 was 54 cents per share, compared with the S&P Capital IQ consensus estimate of 67 cents per share.

EPS decreased 8.8% year over year from 59 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $332.1 million, a decline of 12.6% from $379.8 million in the prior-year period.

The normalized profit margin dropped to 7.6% from 8.7% in the year-earlier period.

Total revenue totaled $4.35 billion, compared with $4.38 billion in the year-earlier period, and total operating expenses came to $3.74 billion, compared with $3.71 billion in the prior-year period.

Reported net income decreased 16.1% on an annual basis to $343.7 million, or 56 cents per share, from $409.7 million, or 64 cents per share.