General Mills 1st-quarter net income rises on better cereal and snack sales

Cereal sales give lift to General Mills 1Q results

MINNEAPOLIS — The maker of Cheerios cereal, Yoplait yogurt and other food products says better cereal and snack sales drove its fiscal first-quarter net income up 12 percent.

General Mills Inc. has been one of the strongest performers in the sector during the recession because of brand loyalty and cost controls.

The company reported net income of $472.1 million, or 70 cents per share, up from $420.6 million, or 62 cents per share, a year ago.

Adjusted profit was 64 cents per share. This beat analysts’ estimate of 63 cents.

Revenue rose 1 percent to $3.53 billion. Wall Street expected $3.57 billion.

The cereal and food maker maintained its full-year earnings outlook Wednesday.

General Mills is based in Minneapolis.