General Mills today (24 March) posted a 13% jump in earnings, which were boosted by sales gains and improved margins.
The company booked net profit for the third quarter, ended 28 February, of US$332.5m, up from $288.9m last year.
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With US consumers continuing to eat at home to reduce household expenditure, the company said it had seen strong sales of pantry staples such as Hamburger Helper and Pillsbury baked goods.
Sales rose 2.6%, the company revealed. However, volumes remained flat during the three-month period.
The Cheerios maker said its business had benefited from lower commodity prices and higher selling prices, with gross margin rising to 38% from 36.1% last year.
“Results for the third quarter reflect continued good sales growth, margin strength, and significant marketing reinvestment in our brands. General Mills is on track to deliver excellent performance for the full 2010 fiscal year,” CEO and chairman Ken Powell said.
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By GlobalDataGeneral Mills raised its full-year earnings forecast for the fourth time, increasing its target to $4.57-4.59, up from a previous guidance range of $4.52-4.57.
Check back later for just-food’s post conference call coverage of General Mills’ results, or click here for the full earnings filing from the company.
