General Mills' profit rises 12%
Sales of Multigrain Cheerios, Fiber One and Cinnamon Toast Crunch boost sales.
By Andrea Tse, TheStreet
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.
- 3 hot stocks poised to double, even triple
- 10 stocks to consider before the holiday hype
- Cramer: Let's consider $2,000 gold
Copyright © 2014 Microsoft. All rights reserved.
[BRIEFING.COM] The stock market capped the trading week with losses across the major averages. The S&P 500 fell 0.5% to surrender its weekly gain, while the Dow Jones Industrial Average (-0.7%) and Russell 2000 (-0.9%) underperformed. The two indices posted respective losses of 0.8% and 0.6% for the week.
Equity indices were pressured from the get-go after several heavyweights disappointed the market with their earnings and/or guidance, which led to some broader profit-taking. After ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'