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.

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Updated:: Mar 8, 2018
Original:: Sep 19, 2012

General Mills Inc. says that its fiscal first-quarter profit went up 35 percent, with acquisitions lifting sales, the Associated Press reports. The Golden Valley-based food maker posted higher-than-expected quarterly net earnings of $549.9 million, or 82 cents a share, compared with $405.6 million, or 61 cents in the same period a year ago. General Mills also stands by its full-year outlook of $2.65 per share.

Click here, for more on the fiscal 2013 first-quarter results and financial summary.

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General Mills did not disclose the financial terms of the deal. The Massachusetts-based natural snack foods company makes tortilla chips and sweet potato chips.

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.

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.

The food giant is lowering its earnings expectations. An analyst with Bloomberg says food companies are seeing year-over-year cost increases at the same time that shoppers continue to be frugal.

Attorneys for General Mills Inc. pleaded their case in front of a federal judge on Friday over claims that its Yoplait Greek-style yogurt is neither Greek nor yogurt. The Golden Valley-based company asked U.S. District Judge Susan Nelson to throw out the consumer fraud lawsuit, which was filed by Minneapolis law firm Zimmerman Reed.

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