USA: General Mills reports flat Q3 earnings, "clearly not a strong quarter"
US cereals behemoth General Mills recorded sales up 82% to US3.1bn for its fiscal Q3, ended 24 February 2002, which the company explained reflected incremental revenues from the worldwide Pillsbury businesses, acquired on 31 October 2001. Earnings before interest and taxes, excluding unusual items, meanwhile totalled US$298.3m, essentially flat year on year. Interest expense of US$146.8m was up significantly from US$55.4m in the prior period, due to increased debt levels associated with the Pillsbury acquisition. As a result, earnings after tax, excluding unusual items, declined by 33% to US$106.9m. Average diluted shares outstanding increased 29%, to 378 million, reflecting the 79 million shares issued as part of the Pillsbury purchase. Diluted earnings per share before unusual items totalled 28 cents, down 48%.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Danone's Q1: four things to learn
- Who will buy Danone's Stonyfield business?
- Interview: Sir Kensington's on sale to Unilever
- Nestle Q1 update: four things to learn
- Column: Why snacking is the new meal
- Tyson shops Sara Lee bakery, Kettle and Van's
- Nestle to cut UK confectionery jobs
- PepsiCo affirms full-year target as Q1 hits mark
- Icelandic to sell Saucy Fish Co. owner Seachill
- Tyson to buy burger-to-entree firm AdvancePierre