|
CNBC'S MOST SHARED
- Investing in Tech Now
- What You'll See On My NASCAR Documentary Tonight
- Warren Buffett Tells CNBC Consumer Sales Remain "Very, Very Soft"
- Software Giants Rush to Cash In on Carbon Counting
- Warren Buffett's Complete Sun Valley CNBC Interview - Transcript and Video
- Preparing for Retirement
- Microsoft Plays a Game of Bing Pong
- July 10th in Market History
- Video Game Makers Finding Gold in Old Titles
- GM CEO Vows Leaner and Better Company To Emerge
- GM CFO Young: No Positive Cash Flow Until 2009
- Consumers' Mood Sours in Early July
- World Has Avoided Economic Disaster, Obama Says
- Claims Total Over 15,400 in Fraud by Madoff
- UBS Can't Comply with US Request: Internal Memo
- Cisco Cutting up to 2,000 Jobs, Analyst Says
- Treasury Sold Warrants Below Market Value: Panel
- Christmas in July: Consumers to Out-Scrooge Scrooge
- Call Of Shame - Vote Now
- Schmidt on Social Media, Ads and Hulu
- 15 Stocks to Consider
- Maximum Bob Goes Full Throttle For GM
- Najarian: Options Get Bullish on Cisco
- Sun Valley on Social Media
- Four Hardware Stocks Upgraded by Goldman
- Eric Schmidt + Larry Page on Revolutionizing Computing
- Warren Buffett's Complete Sun Valley CNBC Interview - Transcript and Video
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
Loading...
()
] 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.









