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General Mills Quarterly Earnings Rise

Reuters
Thursday, 21 Dec 2006 | 9:56 AM ET

Packaged food company General Mills on Thursday reported higher quarterly earnings, helped by increased sales across all business segments and improved margins.

Net income for the fiscal second quarter ended Nov. 26 was $385 million, or $1.08 per share, compared with $370 million, or 97 cents per share, a year earlier.

General Mills Earnings
Insight on General Mills numbers and strategy, with Stephen Sanger, General Mills Chairman & CEO and CNBC's Joe Kernen

Wall Street analysts, on average, had been expecting the maker of Progresso soups and Pillsbury dough to earn $1.03 per share, according to Reuters Estimates.

Minneapolis-based General Mills has increased spending on advertising and marketing to fend off competition from rival Kellogg in the cereal aisle, where many consumers seek out promoted prices.

General Mills shares have gained 6.9% since the company in September reported earnings that topped Wall Street estimates. That compares with a rise of 0.9% in Kellogg's stock during the same period.

General Mills shares closed at $57.99 Wednesday on the New York Stock Exchange.

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