Third-Quarter Profit Falls at General Mills

General Mills Inc. said its fiscal third-quarter net income fell 48% to $82.5 million, or 22 cents a share, as it faced sharply higher costs and sales disruptions after its October acquisition of bakery company Pillsbury. The company’s operating earnings were 28 cents a share, in line with the company’s lowered guidance in February.

Sales rose 82% to $3.1 billion, boosted by incremental sales from the Pillsbury businesses.

General Mills shares fell 77 cents to $47.23 on the NYSE.