General Mills

General Mills Inc. said fiscal fourth-quarter profit fell 61% because of slower cereal sales and higher costs related to its acquisition of Pillsbury. The company still expects earnings per share before unusual items to rise by almost $1 to $2.60 this year as it introduces products and completes its combination with refrigerated dough maker Pillsbury. Net income fell to $57 million, or 15 cents a share, the company said. Sales increased 76% to $2.

Cereal maker General Mills Inc. said its fiscal first-quarter profit rose 6%, exceeding analysts' estimates, on higher sales of Yoplait yogurt and new cereals. The shares rose the most in a year to a record high. Net income increased to $267 million, or 74 cents a share, from $252 million, or 64 cents, a year earlier, Minneapolis-based General Mills said. Revenue in the quarter ended Aug. 27 rose 6.8% to $2.86 billion.

General Mills Inc., the nation's No. 2 cereal maker, said it would streamline its operations, cut about 200 jobs and take a $32-million charge to pay for the latest round of its restructuring. The maker of Cheerios, Wheaties and other products said the charge would equal about 21 cents a diluted share but would result in annual cost savings equal to 11 cents a share starting in fiscal 2000.

General Mills and Nestle S.A. said today they will start up a joint venture to market breakfast cereals. Under the letter of intent, the two food companies will star "Cereal Partners Worldwide" in Europe, then take the cereals around the world, except the United States and Canada. The companies will share equally in the ownership of and investment in the new joint venture, which will have its headquarters in Europe.

Cereal and snack-foods maker General Mills Inc. reported a small increase in fiscal second-quarter earnings but said sharply rising commodity costs would constrict its full-year profit. The Minneapolis-based maker of Wheaties cereal and Betty Crocker baking mixes said net income rose to $370 million, or 97 cents a share, in the quarter ended Nov. 27 from $367 million, or 92 cents, a year earlier.

General Mills Inc. said fiscal third-quarter and full-year profit will miss previous forecasts because U.S. sales slowed as it joined its sales forces with those of Pillsbury Co. Earnings in the quarter ending this month will be 27 cents to 29 cents a share. Sales volume will be down about 3% to 4%, the company said. General Mills had forecast in December that profit before one-time items would be 40 cents to 44 cents and that sales volume would rise by a low-single-digit percentage.