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Earnings and Outlook Roundup

General Mills sees net income climb

December 20, 2007|From the Associated Press

Food maker General Mills Inc. cooked up slightly higher profit in its second quarter, with stronger sales offsetting rising costs for ingredients and other expenses.

The company that makes Cheerios cereal, Yoplait yogurt and Progresso soup also affirmed its earnings guidance for the full year, saying it has plans in place to counter what it expects will be continued increases in grain, dairy and energy costs.

Net income in the quarter ended Nov. 25 was $390.5 million, or $1.14 a share, up from $385.4 million, or $1.08 a share, a year earlier. Revenue climbed 7% to $3.70 billion from $3.47 billion on strength across all segments. Analysts surveyed by Thomson Financial had expected net income of $1.13 a share on sales of $3.62 billion.

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