General Mills profit rises 8 percent 56 minutes ago

General Mills profit rises 8 percent 56 minutes ago



MINNEAPOLIS - The foodmaker General Mills Inc. reported on Wednesday that its first-quarter profit rose 8 percent as rising revenue offset higher ingredient costs and increased spending on marketing.

ADVERTISEMENT

The maker of Cheerios cereals, Yoplait yogurt and Pillsbury baking mixes said it earned $288.9 million, or 81 cents per share, during the quarter that ended Aug. 26, up from $266.9 million, or 74 cents per share, a year ago.

Revenue rose 7 percent to $3.07 billion from $2.86 billion a year ago.

Analysts surveyed by Thomson Financial were expecting 80 cents per share on revenue of $3 billion. Those earnings forecasts typically exclude one-time items.

The company left its full-year guidance unchanged at $3.39 to $3.43 per share.

Sales in General Mills' retail foods division, the company's largest, grew 6 percent to $2.03 billion. Operating profits rose 6 percent to $473 million. Sales of Big G cereal rose 5 percent.

___

On the Net:

General Mills Inc.: http://www.generalmills.com