General Mills 1st-Quarter Profit Rises 8%

General Mills Inc. said fiscal first-quarter earnings rose 8% as its Cheerios and Chex cereals eked out sales gains even as most U.S. cereal companies struggled. Net income rose to $145 million, or 92 cents a diluted share, from $134.3 million, or 82 cents, a year earlier. Earnings beat the 90-cent average estimate of analysts surveyed by First Call Corp. The Minneapolis-based company, which receives about a third of its revenue from cereal sales, saw those sales rise 1%, beating a 1% decline in U.S. cereal volume. General Mills has fared better than No. 1 rival Kellogg Co. because many of its brands aren’t copied by discounters, analysts say. General Mills shares rose $1.63 to close at $67.38 on the New York Stock Exchange.