General Mills Earnings Fall 35%

General Mills Inc. said fiscal second-quarter profit fell 35% and profit this period won’t meet analysts’ forecasts as the company spends money to integrate its acquisition of most of Pillsbury’s businesses.

Net income fell to $130.8 million, or 41 cents a share, from $202.7 million, or 70 cents, a year earlier. Revenue in the period ended Nov. 25 rose 24% to $2.34 billion.

General Mills expects earnings before extraordinary costs to be 40 cents to 44 cents in the third quarter and $2.15 to $2.20 this year. The company was forecast to earn 52 cents in the quarter and $2.18 this year.

Shares of Minneapolis-based General Mills rose 96 cents to close at $51.35 on the NYSE.