General Mills 2Q profit rises on strong sales

[December 17, 2009]  MINNEAPOLIS (AP) -- General Mills says its fiscal second-quarter profit rose 50 percent as shoppers spent more on its cereal and snacks. The company also boosted its full-year guidance.

The maker of Cheerios and Yoplait yogurt has experienced several strong quarters as ingredient prices dropped and recession-weary consumers eat at home more often.

General Mills, based in Minneapolis, says earnings climbed to $565.5 million, or $1.66 per share, for the quarter that ended Nov. 29.

Excluding changes to write down the value of some assets, profit was $1.54 per share.

Sales increased 2 percent to $4.08 billion, partly on better cereal and snacks sales.

Analysts forecast a profit of $1.45 per share on sales of $4.07 billion.

[Associated Press]

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