Skip to main content

Acquisitions help boost General Mills 3Q profits

  • Author:
  • Updated:
    Original:

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.

Next Up

Screen Shot 2022-12-04 at 9.16.52 AM

Responding to Twitter release, former Minnesota GOP candidate calls for 'bullets'

It was in response to a thread on Twitter concerning the social media giant's moderation efforts regarding political issues.

snow

NWS: 'Safe to say' more active weather is ahead

Three rounds of light snow around Minnesota before more substantial precipitation becomes a possibility.

7F060B54-5776-4E1A-A42C-F36C22FAF493

Hero dad who stopped carjacker who fled with his kids identified

A GoFundMe has been set up to support Derek Gotchie and his family following the incident.

Screen Shot 2022-12-03 at 4.35.18 PM

Watch: New London-Spicer wins 3A championship on incredible walk-off TD

New London-Spicer defeated the unbeaten Dilworth-Glyndon-Felton in remarkable circumstances.

MoorheadMurderSuspect

Suspect in woman's killing in Moorhead is arrested

James Kollie Jr. was arrested Friday evening.

Jennifer Carnahan

Former chair Jennifer Carnahan sues Minnesota GOP, which is suing her back

Carnahan stepped down under a cloud of controversy in August 2021.

Minneapolis Fire Department

One injured after leaping from burning vacant building in Minneapolis

Authorities say the building is known to be used by squatters.

ambulance

Head-on crash leaves two drivers dead in southeastern Minnesota

The crash happened in Houston County just before 4 p.m. Friday.

ConellHarris

Charges: Armed man made death threats at Minneapolis LGBTQ bar

The man allegedly used derogatory terms while threatening to kill someone.

image

FDA pulls last COVID-19 monoclonal antibody treatment as new variants rise

A therapy used to treat more than 11,000 Minnesotans is no longer authorized amid a surge in the latest COVID-19 variants.

Austin Robert LeClaire

Charges: Plymouth man shot girlfriend in head after birthday party

The 23-year-old victim is in critical condition as of Friday.

Related

General Mills profit rises on Yoplait, snack food acquisitions

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.

General Mills to launch new yogurt

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 profits rebound in 3Q

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 accused of collecting data from kids

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.

General Mills officially against marriage amendment

The Golden Valley-based company came out Thursday to voice its opposition to the proposed constitutional amendment banning same-sex marriage in Minnesota. "We do not believe the proposed constitutional amendment is in the best interests of our employees or our state economy -- and as a Minnesota-based company we oppose it," General Mills said in a statement. The Pioneer Press notes General Mills and Little Canada-based St. Jude Medical are the only two major corporations in Minnesota to publicly oppose the marriage amendment.