Related News
Demand for food a recipe for profits
Source: Agencies |
September 24, 2009, Thursday
|
Print Edition
Print Edition
General Mills Inc, whose brands include Wheaties cereal and Yoplait yogurt, said yesterday that its fiscal first-quarter profit surged 51 percent on strong demand for its products.
The results prompted the food maker to lift its full-year earnings outlook. Shares rose US$2.33, or 3.8 percent, to US$63.30 in pre-market trading.
Earnings climbed to US$420.6 million, or US$1.25 per share, compared with US$278.5 million, or 79 cents per share, a year ago.
Excluding an expense related to commodity positions, profit was US$1.28 a share.
Besides rising sales, Chairman and CEO Ken Powell said, the company's performance was helped by lower ingredient and fuel costs.
General Mills poured more money into its advertising and marketing efforts during the quarter and the move appeared to pay off.
Revenue for the period ended on August 30 edged up 1 percent to US$3.52 billion from US$3.5 billion. Cereal sales climbed 9 percent while revenue at the meals unit rose 4 percent, with improved results from Old El Paso Mexican products and Green Giant frozen vegetables.
Pillsbury sales increased 12 percent on Totino's Pizza Rolls, Pillsbury refrigerated cookie dough and Pillsbury Toaster Strudel. Yoplait sales grew 4 percent, while snacks climbed 1 percent and baking products 3 percent.
The company raised its 2010 adjusted profit to US$4.40 to US$4.45 a share, from US$4.20 to US$4.25.
The results prompted the food maker to lift its full-year earnings outlook. Shares rose US$2.33, or 3.8 percent, to US$63.30 in pre-market trading.
Earnings climbed to US$420.6 million, or US$1.25 per share, compared with US$278.5 million, or 79 cents per share, a year ago.
Excluding an expense related to commodity positions, profit was US$1.28 a share.
Besides rising sales, Chairman and CEO Ken Powell said, the company's performance was helped by lower ingredient and fuel costs.
General Mills poured more money into its advertising and marketing efforts during the quarter and the move appeared to pay off.
Revenue for the period ended on August 30 edged up 1 percent to US$3.52 billion from US$3.5 billion. Cereal sales climbed 9 percent while revenue at the meals unit rose 4 percent, with improved results from Old El Paso Mexican products and Green Giant frozen vegetables.
Pillsbury sales increased 12 percent on Totino's Pizza Rolls, Pillsbury refrigerated cookie dough and Pillsbury Toaster Strudel. Yoplait sales grew 4 percent, while snacks climbed 1 percent and baking products 3 percent.
The company raised its 2010 adjusted profit to US$4.40 to US$4.45 a share, from US$4.20 to US$4.25.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
