General Mills Profit Falls 61% in Quarter
General Mills Inc. said fiscal fourth-quarter profit fell 61% because of slower cereal sales and higher costs related to its acquisition of Pillsbury.
The company still expects earnings per share before unusual items to rise by almost $1 to $2.60 this year as it introduces products and completes its combination with refrigerated dough maker Pillsbury.
Net income fell to $57 million, or 15 cents a share, the company said. Sales increased 76% to $2.32 billion, helped by the October purchase of Pillsbury.
Excluding costs for the Pillsbury purchase and restructuring the company’s flour business, General Mills would have earned 25 cents a share, meeting estimates.
Shares of Minneapolis-based General Mills rose $1.51 to $44.36 on the NYSE.
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