Business Briefing: Profit Falls at General Mills, and Results Miss Estimates

Posted by Unknown on Wednesday, March 19, 2014

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Business Day |Profit Falls at General Mills, and Results Miss Estimates

http://nyti.ms/1g2vRcG

Business Day |Business Briefing

Rough winter weather took a bite out of General Mills fiscal third-quarter sales, and its results missed Wall Street expectations. General Mills, the maker of Cheerios, Yoplait and Betty Crocker products, said on Wednesday that its fiscal third-quarter net income rose 3 percent, free of a charge that hurt its results a year earlier. For the three months that ended Feb. 23, the company earned $410.6 million, or 64 cents a share. That is up from $398.4 million, or 60 cents a share, a year earlier. Last yearâ€™s third quarter included a $6.1 million charge. Removing certain items, earnings were 62 cents a share. Analysts expected 64 cents a share, according to a FactSet survey. Revenue dipped 1 percent to $4.38 billion, from $4.43 billion, hindered by bad winter weather, lower volumes and unfavorable foreign currency translation. Wall Street expected $4.41 billion in revenue. Retail sales declined 2 percent as the company dealt with higher dairy costs and increased marketing and merchandising costs for its domestic yogurt business. (AP)

A version of this brief appears in print on March 20, 2014, on page B2 of the New York edition with the headline: Profit Falls at General Mills, and Results Miss Estimates .