UPDATE: General Mills Posts Higher Q1 Profit

General Mills GIS reported a rise in its first-quarter profit. General Mills' quarterly profit climbed to $548.9 million, or $0.82 per share, versus $405.6 million, or $0.61 per share, in the year-earlier period. Its adjusted profit came in at $0.66 per share. Its revenue climbed 5% to $4.05 billion. However, analysts were expecting earnings of $0.62 per share on sales of $4.08 billion. The company continues to project adjusted 2013 earnings of around $2.65 per share, versus analysts' estimates of $2.66 per share. General Mills shares closed at $39.31 yesterday.