General Foods announced Wednesday that its profit for the fiscal year ended March 30 rose 2.5%, despite a drop of 10.3% in the fourth quarter.
The company, which is based in White Plains, N.Y., said its annual profit rose to $324.9 million from $317.1 million a year ago. Net sales rose 4.9% to $9.02 billion from $8.6 billion.
In the fourth quarter, General Foods had a net of $104.7 million, compared to earnings of $117.3 million a year ago. Sales rose to $2.35 billion from $2.24 billion.
The company said sales advanced because of higher volumes, substantial new product activity and several acquisitions in the United States and overseas.
It said the increases more than offset the effect of the strong dollar and the absence of revenue from the Gaines pet food business sold in June, 1984, to Anderson, Clayton & Co. of Houston.
An accounting change involving how the company treats its advertising and promotion spending reduced fourth-quarter results by $17 million.
The 1985 results included a $98.3-million pretax gain on the sale of Gaines, a $60-million purchase of Oroweat Foods and a $21-million provision for restructuring international operations.
Kodak Earnings Decline 27% in First Quarter
Eastman Kodak's first-quarter earnings declined 27% to $115.2 million from a year ago on flat sales, the company said.
Kodak said moderate volume gains in the United States and slight volume increases outside the United States were more than offset by the adverse impact of the overvalued dollar.
Top Kodak officials have begun a campaign for lower federal deficits as a way to rein in the dollar. The officials say the dollar's strength against foreign currencies makes Kodak's exports more expensive abroad and makes imports cheaper.
Kodak's worldwide sales for the first quarter were $2.13 billion, down from $2.14 billion in 1984.
"For the balance of 1985, we look forward to good gains in volume based on continued growth in demand," Chairman Colby Chandler and President Kay Whitmore said in a news release.
For detailed data and results of other companies, please see tables, Page 15.