General Mills posts lower-than-expected quarterly results
Dec 18 (Reuters) - Food company General Mills Inc reported lower-than-expected quarterly results due to higher cost of ingredients and a fall in sales in its U.S. retail business.
The maker of Cheerios cereal and Progresso soups said net income rose to $550 million, or 84 cents per share, in the second quarter ended Nov. 24 from $541.6 million, or 82 cents per share, a year earlier.
Excluding items, the company earned 83 cents per share.
Net sales fell slightly to $4.88 billion.
Sales at General Mills' retail business, which includes its Cheerios cereal and Yoplait USA yogurt businesses, fell 1 percent.
Analysts on average were expecting earnings of 88 cents per share on revenue of $4.94 billion, according to Thomson Reuters I/B/E/S.
The company also maintained its fiscal 2014 profit forecast of $2.87-$2.90 per share, excluding items.