General Mills 3Q profit climbs as sales improve

[March 24, 2010]  MINNEAPOLIS (AP) -- The maker of Cheerios cereal and Yoplait yogurt says its fiscal third-quarter profit climbed on lower commodity costs and rising sales of snacks, cereal and other food items.

General Mills Inc. also lifted its 2010 adjusted earnings outlook, but the forecast was shy of Wall Street's expectations.

Net income rose 15 percent to $332.5 million, or 96 cents per share.

Removing one-time items, profit was 97 cents per share, topping analysts' 93-cent estimate.

Revenue increased 3 percent to $3.63 billion. Wall Street expected $3.62 billion.

General Mills, based in Minneapolis, has been one of the stronger food makers in the weak economy because of sales gains from consumers looking for cheap meals and its own cost control.

[Associated Press]

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