General Mills profit rises as costs fall

Reuters With CNBC

General Mills reported a 10.4 percent rise in quarterly profit, helped by lower costs.

Selling, general and administrative costs fell about 7 percent in the fourth quarter ended May 25.

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Net income rose to $404.6 million, or 65 cents per share, in the quarter, from $366.3 million, or 55 cents per share, a year earlier. Excluding items, the company reported earnings of 67 cents a share.

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The company, whose brands include Cheerios cereals and Betty Crocker baking products, said net sales fell 2.8 percent to $4.41 billion.

Sales in its U.S. branded goods retail business fell 1 percent to $2.4 billion.

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Analysts had expected the company to report earnings excluding items of 72 cents a share on $4.42 billion in revenue, according to a consensus estimate from Thomson Reuters.

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General Mills earnings follow a larger-than-forecast drop in quarterly revenue from competitor Kellogg.

By Reuters. CNBC contributed to this report.