General Mills 3Q net income climbs on snack sales

[March 23, 2011]  MINNEAPOLIS (AP) -- General Mills Inc. says its fiscal third-quarter net income rose 18 percent as it sold more snacks and benefited from strength overseas.

The maker of Nature Valley snack bars and Cheerios cereal also maintained its 2011 adjusted earnings and revenue outlooks Wednesday.

General Mills earned $392.1 million, or 59 cents per share, for the period ended Feb. 27. That compares with $332.5 million, or 48 cents per share, a year earlier.

Adjusted earnings were 56 cents per share, matching analysts' expectations.

The Minneapolis food company, which is in exclusive talks to buy a majority stake in Yoplait, reported that its revenue climbed 2 percent to $3.65 billion. Wall Street forecast $3.7 billion.

General Mills still expects 2011 adjusted earnings of $2.46 to $2.48 per share. Analysts predict $2.48 per share.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.