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General Mills, like other U.S. packaged food companies, has been
facing higher transportation costs as railroads and truck fleets
have raised prices amid a shortage of drivers, reduced capacity,
higher fuel prices and a strengthening U.S. economy.
"Like the broader industry, we're seeing sharp increases in
input costs, including inflation in freight and commodities,"
General Mills Chief Executive Jeff Harmening said in a
statement.
Minneapolis-based General Mills, the maker of Yoplait yogurt and
Nature valley granola bars, now expects fiscal 2018 adjusted
earnings per share to grow up to 1 percent, compared with a
prior forecast for a 3 to 4 percent increase.
Net income attributable to General Mills more than doubled to
$941.4 million in the third quarter ended Feb. 25, helped by a
one-time tax benefit of $504 million from changes in the U.S.
tax code.
Excluding one-time items, the company earned 79 cents per share.
Net sales rose 2.3 percent to $3.88 billion.
Analysts had expected third-quarter earnings of 78 cents per
share and revenue of $3.78 billion, according to Thomson Reuters
I/B/E/S.
(Reporting by Uday Sampath in Bengaluru; Editing by Sai Sachin
Ravikumar)
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