General Mills Sees 'Innovation-Fueled Growth' in 2014

General Mills
Scott Eelis | Bloomberg | Getty Images

General Mills reported fourth-quarter earnings on Wednesday that met Wall Street expectations, but it gave a forecast for the new fiscal year that was below.

The maker of Cheerios cereal, Progresso soup, and other packaged foods said net income was $366.3 million, or 55 cents per share, in the fiscal fourth quarter that ended on May 26, up from $325.4 million, or 49 cents per share, a year earlier.

Excluding one-time items such as tax and accounting adjustments, earnings were 53 cents per share, meeting analysts' average estimate according to Thomson Reuters I/B/E/S.

Net sales rose 8.5 percent to $4.41 billion.

For fiscal 2014, the company forecast earnings of $2.87 to $2.90 per share. Analysts were expecting $2.93 per share, according to Thomson Reuters I/B/E/S.

General Mills shares traded lower in pre-market trading immediately after the report. (Click here to see the latest quote.)