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General Mills (NYSE:GIS) posted its first quarter results for fiscal year 2013 Wednesday. Sales in Europe spiked 51 percent while sales in Canada were up 28 percent, on a constant-currency basis. Latin America and the Asia/Pacific region both posted 20 percent gains. Total international sales were up 27 percent to $1.09 billion. Net sales for the company grew 5 percent to $4.05 billion.
“Results for the first quarter were broadly consistent with our plans, and included sequential improvement in our volume and gross margin trends from the fourth quarter of 2012,” said CEO Ken Powell. He added, “In our core U.S. market, we are seeing slow improvement in price and volume trends across our retail food categories.”
General Mills is reporting diluted earnings per share of 82 cents. Excluding mark-to-market effects, net tax benefits, and restructuring and integration costs, the company’s fiscal year 2013 earnings per share projection is $2.65.
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