General Mills beats profit estimates on strong pet food demand

Business

Boxes of General Mills brand cereals are displayed at Scotty’s Market on September 20, 2017 in San Rafael, California.

Justin Sullivan | Getty Images

General Mills‘ quarterly sales missed Wall Street expectations on Wednesday, as the Cheerios maker was hit by lower demand for its snacks and yogurts in the United States.

Net earnings attributable to the company rose to $580.8 million, or 95 cents per share, in the second quarter ended Nov. 24, from $343.4 million, or 57 cents per share, a year earlier.

The year-ago quarter included impairment and restructuring costs of about $209.4 million.

Net sales rose to $4.42 billion from $4.41 billion, missing the average analyst estimate of $4.43 billion, according to IBES data from Refinitiv.

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