Higher revenues, lower profits in General Mills' first quarter

General Mills' net income fell 14 percent in the first quarter, a fact that did not disappoint Wall Street.

Shares of the food giant were up $1.97, or 5.2 percent shortly after noon as the company's results beat analysts' expectations. Strong new products, consumer demand and increased prices also gave the company's shares a lift.

Net sales climbed 9 percent to $3.85 billion. The company reported adjusted diluted earnings per share of 64 cents.

General Mills manufactures ready-to-eat cereals at its plant in Cedar Rapids. Sales of the company's Big G cereals increased 1 percent, helped by new product introductions. The new products included Cinnamon Burst Cheerios, Cocoa Puffs Brownie Crunch and Fiber One 80-calorie cereal.

Sales of the established Cinnamon Toast Crunch and Chex cereal brands also grew.