UPDATE: General Mills Reports 51% Rise In Q4 Net Income, Issues Downbeat FY12 Earnings Forecast

General Mills Inc

reported a 51% surge in fiscal fourth-quarter net income on Wednesday. General Mills reported its quarterly earnings at $320.2 million, or $0.48 per share, up from $211.9 million, or $0.31 per share, in the year-ago quarter. Its adjusted earnings came in at $0.52 per share. Its sales surged to $3.63 billion from $3.53 billion. However, analysts were expecting earnings of $0.52 per share on sales of $3.66 billion. General Mills projected weaker-than-expected FY12 earnings guidance. GIS shares dropped 2.18% to $36.40 in pre-market trading. Read more