UPDATE 1-General Mills posts higher Q4 net profit
* Q4 EPS $1.07 vs $0.53 year ago
* Q4 sales up 5 pct
* Sees fiscal 2010 EPS $4.20 to $4.25
July 1 (Reuters) - Food maker General Mills Inc (GIS.N: Cotización) reported a jump in net profit, driven by strong sales of its cereals and dough products.
For the fourth quarter ended May 31, net profit for the maker of Cheerios cereal and Progresso soup was $358.8 million, or $1.07 per share, compared with $185.2 million, or 53 cents a share, a year earlier.
Excluding a loss on product lines divested in the fourth quarter and the mark-to-market effects in 2008 and 2009, the company earned 86 cents a share.
Net sales rose 5 percent to $3.6 billion.
For the current financial year, the company expects earnings of $4.20 to $4.25 per share, assuming no mark-to-market impact.
Shares of the company closed at $56.02 Tuesday on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Himani Sarkar)
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