| As of Friday, November 13th: |
As of October 1st, the earnings growth rate was at -24.7%.Of the 463 S&P 500 companies who have reported Q3, 80% beat estimates, 6% were in-line, and 14% were below estimates. The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -13.8%. (Data provided by Thomson Reuters)
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General Mills Wednesday posted a 60.8 percent rise in net quarterly profit as cost-cutting measures and higher sales helped offset soaring prices for wheat and other commodities.
The maker of Cheerios cereal, Progresso soup and Yoplait yogurt said net profit was $430 million, or $1.23 a share, in the fiscal third quarter that ended Feb. 24, compared with $267.5 million, or 74 cents share, a year earlier.
Excluding one-time items, earnings were 87 cents a share.
Like most food companies, General Mills [GIS
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] has been hit by commodity costs that have risen well above expectations. One way the company has dealt with rising costs has been to reduce the size of its cereal boxes, effectively raising the price per ounce.
Sales rose 11.5 percent to $3.4 billion.
The company also reiterated its forecast for fiscal year 2008. In February, General Mills raised its forecast to $3.45 to $3.47 a share, excluding special items.
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Data is a real-time snapshot *Data is delayed at least 15 minutes