General Mills’ Profit Rises 38% in Quarter

From Associated Press

General Mills Inc. surprised Wall Street with a 38% jump in its fiscal first-quarter earnings.

The maker of Cheerios and Wheaties cereals reported a profit of $252 million, or 64 cents a share, for the period ended Aug. 28, up from $183 million, or 45 cents, a year earlier. Revenue rose 3% to $2.66 billion.

General Mills shares climbed $1.51 to $46.19.