General Mills' profit rises 12%
Sales of Multigrain Cheerios, Fiber One and Cinnamon Toast Crunch boost sales.
By Andrea Tse, TheStreet
General Mills (GIS) said its fiscal-first-quarter earnings climbed 12%, helped by increased sales of its biggest cereal brands.
The company's earnings were $472.1 million, or 70 cents a share, compared with $420.6 million, or 62 cents, a year earlier. Excluding items affecting comparability, earnings totaled 64 cents a share, matching results in the year-ago period.
Sales grew 1.5% to $3.53 billion on higher demand for its Multigrain Cheerios, Fiber One and Cinnamon Toast Crunch cereals. Foreign currency translation reduced net sales growth by 1 percentage point. Analysts had expected earnings of 63 cents on revenue of $3.57 billion.
General Mills said the global operating environment remains "quite challenging."
The company reiterated its full-year earnings guidance of $2.46 to $2.48 a share, representing growth of 7% to 8% from adjusted earnings of $2.30 a share in fiscal 2010. Analysts had forecast earnings of $2.48 a share for General Mills' next fiscal year.
General Mills repurchased 21 million shares of common stock for a total of $788 million in the quarter.
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