General Mills posts higher Q4 profit before items

miércoles 25 de junio de 2008 12:55 CEST
 

June 25 (Reuters) - General Mills Inc (GIS.N: Cotización) posted a higher quarterly profit, excluding a reduction in the mark-to-market valuation of certain commodity positions, as price increases helped boost sales and offset the impact of soaring commodity costs.

The maker of Cheerios cereal, Yoplait yogurt and Progresso soup said net profit was $185.2 million, or 53 cents a share, in the fiscal fourth quarter, compared with $224.1 million, or 62 cents a share, last year.

On June 18, the company said earnings were expected to be 53 cents a share.

Excluding the reduction of the value of certain commodity positions, earnings were 73 cents a share.

Analysts on average were expecting the company to earn 73 cents a share, excluding special items, according to Reuters Estimates.

Like other food companies, General Mills has had to cope with soaring costs for commodities like wheat and energy. The company has raised prices and found a variety of ways to cut costs while still investing in marketing and product development. (Reporting by Supantha Mukherjee in Bangalore; Editing by Himani Sarkar)