General Mills 3Q profit falls on higher costs
(AP) - General Mills says its profit dropped 33 percent in the latest quarter on higher input costs and a stronger dollar, while sales increased on the strength of some of its well-known brands.
The Golden Valley-based food company also lifted its full-year profit forecast on increased marketing efforts.
For the third quarter, which ended Feb. 22, earnings fell to nearly $289 million, or 85 cents per share. Excluding one-time items, earnings were 79 cents per share compared with 87 cents in the prior-year period.
Analysts surveyed by Thomson Reuters, whose estimates generally exclude one-time items, forecast profit of 88 cents per share.
Third-quarter sales rose 4 percent to more than $3.5 billion, to meet analysts' estimates.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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