General Mills Reports Quarterly EPS of 64 Cents


General Mills (GIS) reported adjusted diluted earnings for the quarter of 64 cents per share, matching the results form a year earlier.

Net sales grew 1% to $3.53 billion in the first fiscal quarter ended Aug. 29, the company said in a statement. The cost of goods sold included a $72 million increase in mark-to-market value of commodity positions.

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General Mills makes foods such as Cheerios cereal and Yoplait yogurt.

The earnings per share were adjusted to account for items affecting comparability. Unadjusted earnings were 70 cents per share.

"We're pleased to see continued growth in volume and net sales across our worldwide businesses," CEO Ken Powell said.

For the second quarter, the company expects results to track those of one year ago, with sales and earnings growth accelerating later in the fiscal year.