General Mills Q1 Profit Declines - Quick Facts

(RTTNews) - Packaged food company General Mills Inc. (GIS) reported first-quarter net earnings attributable to the company of $345.2 million or $0.55 per share, compared to $459.3 million or $0.70 per share in the comparable quarter last year.

Adjusted net earnings attributable to the company declined to $381.0 million or $0.61 per share from $462.4 million or $0.70 per share in the year-ago period. Analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the latest first quarter declined 2% to $4.27 billion from $4.37 billion in the prior year quarter, while twelve analysts had consensus revenue estimate of $4.38 billion for the quarter.

General Mills continues to expect fiscal 2015 net sales to grow at a mid single-digit rate in constant currency, including the contribution of a 53rd week in the fiscal year and adjusted earnings per share to grow at a high single digit rate in constant currency.

At current exchange rates, the company estimates a headwind from currency translation in 2015. Street currently is looking for fiscal year 2015 earnings of $3.01 per share on annual revenues of $18.54 billion.