General Mills’ Earnings Lift Shares to New High
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Cereal maker General Mills Inc. said its fiscal first-quarter profit rose 6%, exceeding analysts’ estimates, on higher sales of Yoplait yogurt and new cereals. The shares rose the most in a year to a record high.
Net income increased to $267 million, or 74 cents a share, from $252 million, or 64 cents, a year earlier, Minneapolis-based General Mills said. Revenue in the quarter ended Aug. 27 rose 6.8% to $2.86 billion.
Shares of General Mills, which also makes Progresso soups, Green Giant frozen vegetables and Betty Crocker baking mixes, rose $1.73, or 3.3%, to $54.75.
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