Snack Sales and Overseas Results Lift Profit at General Mills

General Mills said Wednesday its quarterly profit rose 18 percent as it sold more snacks and benefited from strength overseas.

The company, which makes Nature Valley snack bars and Cheerios cereal, also maintained its 2011 adjusted earnings and revenue outlooks Wednesday.General Mills said it earned $392.1 million, or 59 cents a share, up from $332.5 million, or 48 cents per share, a year earlier. Sales in the period, which ended Feb. 27 and which was the third quarter of General Mills’ fiscal year, rose 2 percent, to $3.65 billion from $3.59 billion.

Adjusted earnings were 56 cents a share, matching the expectations of analysts surveyed by FactSet. Analysts had forecast revenue of $3.7 billion.

Read Full Article from New York Times

- Posted: 2011-03-23 10:35:30

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