General Mills has raised its full-year earnings target today (17 December) after the US food giant saw second-quarter earnings climb 13%.
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The Big G cereals maker said its annual earnings per share forecast, excluding any mark-to-market impact, was now US$4.52-4.57 – up from $4.40-4.45.
“Our businesses are growing, and General Mills people in our plants, sales teams and offices worldwide are delivering great performance,” said chairman and CEO Ken Powell.
“As we move into the second half of fiscal 2010, we plan to make additional reinvestments in marketing and merchandising programs to fuel continued growth for our brands this year and into fiscal 2011.”
During the second quarter, General Mills increased its advertising and media costs by 37%.
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By GlobalDataOperating profit rose 13% to $880m; net sales inched up 2% to $4.08bn.
Click here for the full second-quarter results statement from General Mills and click here for the company’s bullish outlook for its brands in the US.
