General Mills' is reporting that quarterly earnings rose 13 percent to $366 million. But the food company lowered its earnings forecast slightly for its coming fiscal year, citing higher costs.
Forecasting a 2 percent increase in energy, ingredient and supply chain costs, General Mills said the costs would be "manageable" and the company was prepared to offset them by trimming expenses throughout the organization.
The company did not say if jobs might be cut or to what extent, if any, it might charge consumers higher prices. For the coming year, General Mills forecasts sales will grow at a low single-digit rate and exceed $18 billion. Net income is projected to rise slightly to $1.9 billion.