General Mills reported a smaller-than-expected quarterly profit, hurt by lower sales of its yogurts and cereals in North America.
The Cheerios cereal maker’s shares fell 4.3 percent to $53 in premarket trading on Wednesday.
General Mills said its U.S. yogurt sales recorded a double-digit drop as demand for Yoplait Greek and Yoplait Light products remained weak.
Net sales in its U.S. cereal operating unit fell 7 percent, reflecting a reduction in customer inventory levels among other things.
Net income attributable to General Mills fell to $404.7 million in the first quarter ended Aug. 27 from $409 million a year earlier.
On a per-share basis, earnings rose to 69 cents from 67 cents. Excluding one-time items, the company earned 71 cents per share.
The company’s net sales fell 3.5 percent to $3.77 billion.
Analysts on average had expected an adjusted profit of 76 cents per share and sales of $3.79 billion, according to Thomson Reuters I/B/E/S.