General Mills Results Hit by Price Cuts It Expects to Lift Sales

General Mills Inc. reported results for last quarter that missed Wall Street projections, weighed down by a decision to lower prices. But executives said they expected to realize the benefits of those reductions in the near future.

Minneapolis-based General Mills, which makes Cheerios cereal, reported a decline in organic revenue of 3%, wider than the average of analyst estimates. Adjusted earnings per share also trailed expectations.