General Mills Profit Rises 12% for Quarter
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General Mills Inc. said operating profit rose 12% in its fiscal fourth quarter to $111 million, or 42 cents a share, boosted by new products. The results met the average estimate of analysts polled by First Call/Thomson Financial. Revenue rose 6.9% to $1.81 billion.
U.S. cereal sales volume rose 7%, helped by the national distribution of its Harmony cereal for women and Wheaties Energy Crunch. New convenience products, such as Yoplait Expresse yogurt in a tube, also have added to revenue. U.S. convenience food sales rose 11% by volume.
Shares of the Minneapolis-based company rose 50 cents to $42.80 on the Big Board.
Separately, Quaker Oats Co. said it followed General Mills’ lead in raising prices on its ready-to-eat cereals an average of 3%. General Mills last month cited higher costs in increasing its cereal prices 2%.
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