Acquisitions help boost General Mills 3Q profits

Author:: BMTN Staff
Updated:: Mar 8, 2018
Original:: Mar 20, 2013

General Mills -- the maker of Progresso soups and Cheerios cereal -- reported net income of $398.4 million, up 2 percent from $391.5 million in the third-quarter a year ago, the Star Tribune reports. Total net sales for the Golden Valley-based packaged food giant climbed 7.5 percent to $4.43 billion.

Reuters notes the recent acquisitions of Yoki Alimentos in Brazil and Yoplait Canada helped boost the quarterly figures.

"We are continuing to see slow, but steady, improvement in the operating environment," General Mills CEO Ken Powell said in a news release. "Trends in our established businesses are improving, and integration of our new businesses is going smoothly. We're preparing to launch a promising slate of new products as our new fiscal year begins this summer, and our plans for fiscal 2014 call for high single-digit EPS growth, consistent with our long-term model."

However, the Wall Street Journal says General Mills only raised its full-year outlook by a penny, citing higher costs for fuel and grain.

Click here, to follow General Mills' stock performance.

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Golden Valley-based General Mills Inc. says that its fiscal first-quarter profit went up 35 percent, with acquisitions lifting sales, the Associated Press reports. The results in the latest quarter were aided by the food maker's purchase of a controlling stake in Yoplait International and Food Should Taste Good, a natural snack foods company.

Golden Valley-based General Mills will start shipping more than three dozen new yogurt products next month as it tries to revitalize its U.S. yogurt business. Some of the new items include a 100-calorie Yoplait Greek yogurt and Yoplait Fruplait.

Land O'Lakes Inc. posted net income of $18 million in the third-quarter, compared to a $30 million loss a year earlier, the Star Tribune reports. The Arden Hills-based co-op also reported a seven percent increase in sales.

General Mills is coming under fire by nearly 20 children’s advocacy, health and public interest groups for violating a federal law to protect children's privacy, the New York Times reports. The coalition claims five well-known companies, including the Golden Valley-based cereal maker, are encouraging kids, who play games or use other features on their websites, to provide email addresses of their friends without seeking parental consent.