Source Pravda.Ru

General Mills reports 2Q profit up to 390.5M dollars

General Mills Inc. reported Wednesday that its second-quarter profit edged up as revenue growth offset rising ingredient costs, marketing spending and recall expenses.

Cereal and packaged foods maker earned 390.5 million dollars -1.14 dollars per share –for the period ended Nov. 25 versus $385.4 million, or $1.08 per share, in the year-ago period, the AP reports.

The latest quarter included 13 million in restructuring and related costs and said expenses related to the recall of frozen pepperoni pizza lowered results by 4 cents per share, the company said.

General Mills’ revenue grew 7 percent to $3.7 billion from $3.47 billion a year earlier.

Analysts polled by Thomson Financial expected net income of $1.13 per share on sales of $3.62 billion. The earnings estimates typically exclude one-time items.

U.S. retail revenue grew to $2.52 billion from $2.44 billion with solid results from the Yoplait division and Nature Valley snacks, while international sales increased to $665.7 million from $544.6 million on strength in Latin America. Bakeries and foodservice revenue climbed to $516.7 million from $480.3 million due to price increases implemented to offset rising input costs.

The company maintained its 2008 profit outlook between $3.39 and $3.43 per share.

Analysts predict earnings of $3.45 per share on revenue of $13.01 billion.

Comments
USA plays to pretend a mighty dragon that can no longer breathe fire
USA plays to pretend a mighty dragon that can no longer breathe fire
Russians lose faith in their future, get ready for worse
Russians lose faith in their future, get ready for worse
Brexit: The UK's misunderstanding of Democracy
Brexit: The UK's misunderstanding of Democracy
Macron challenges Trump. French independence and croissants at stake
Macron challenges Trump. French independence and croissants at stake
Brexit: The UK's misunderstanding of Democracy
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Russia and USA fight even in space: Americans damage Soyuz deliberately
Russia and USA fight even in space: Americans damage Soyuz deliberately
USA plays to pretend a mighty dragon that can no longer breathe fire
Argentina's coast guard sinks Chinese trawler
Brexit: The UK's misunderstanding of Democracy
USA plays to pretend a mighty dragon that can no longer breathe fire
Russia rips its economy apart with help from the West
Brexit: The UK's misunderstanding of Democracy
Presidential and midterm elections in the USA change the 'American project' entirely