General Mills shares are up 8% after the Cheerios maker said it's seeing payoff after a year of cutting base prices on its products.

"Rather than hope for the consumer to improve, we are moving with even greater urgency to meet consumers where they are and capture more of the growth that's currently available," said CEO Jeff Harmening.

Now that the price cuts are mostly complete, General Mills is looking for growth to come from new protein- and fiber-heavy offerings, along with bolder flavors.

The Minnesota company's quarterly results on Tuesday topped expectations for adjusted profit and sales, though its shares remain about 25% lower over the past 12 months.