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General Mills reports drop in fourth-quarter earnings


Corridor Business Journal: General Mills, which operates a cereal plant in Cedar Rapids, reported a drop in net earnings and earnings per share in its latest fiscal quarter ended June 30, reflecting a lower consumer demand for food purchased for the home compared with the early days of the COVID-19 pandemic. The company reported net income of $416.8 million for the quarter, a drop of 33% from the same period a year earlier. Adjusted earnings per share were 91 cents, down 19% from $1.10 a year ago but beating analysts’ estimate of 85 cents per share. Net earnings for the full fiscal year were up 7% to $2.3 billion.

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