General Mills profit rises; lifts estimates

Strong consumer demand for cereals and other food staples helped lift first-quarter earnings at General Mills Inc. by 51 percent from the year-ago period. The company also raised its full-year earnings projections.

In the quarter ended Aug. 30, the Golden Valley, Minn.-based company earned $420.6 million, or $1.25 a share, compared to net income of $278.5 million, or 79 cents a share, in the year-earlier period.

Excluding items such as hedging on commodities, earnings were $1.28, versus 96 cents a year ago.

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- Posted: 2009-09-23 11:21:50

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