General Mills Q1 Profits Soar

Packaged-foods company General Mills (NYSE:GIS) got a bump Wednesday on a strong fiscal first-quarter earnings report buoyed primarily by its international unit.

Q1 earnings jumped 35%, from $405.6 million (61 cents) a year ago to $548.9 million (82 cents per share). Adjusted earnings jumped a pair of pennies to 66 cents per share, which was enough to top Wall Street forecasts of 62 cents.

Revenues climbed 5.3% to $4.05 billion, however, coming just under Street forecasts for $4.08 billion. General Mills was helped out by an increase in gross margin, from 37.6% to 40.2%.

The company was weighed down by slightly shrinking sales and operating profits in the United States, though international sales and profits grew a respective 27% and 56%.

Looking forward, the company expects adjusted EPS of $2.65 for fiscal 2013, currently slightly below analyst expectations for $2.66.

GIS shares were up almost 2% in early Wednesday trading.

— Kyle Woodley, InvestorPlace Assistant Editor

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