US food giant General Mills revealed yesterday (14 March) that Q3 fiscal earnings rose 3%, exceeding analysts’ expectations and defying increased debt costs incurred through share buy back schemes and acquisitions.
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Earnings amounted to US$157.5m, or 54 cents a share, 3% up from the US$153.3m, or 50 cents per share, posted a year previous. The Minneapolis-based company reiterated that it is expecting 10% growth in earnings for the full year.
Sales increased by 5% to US$1.7bn and overall volume within its US operations grew by 4%. Volume from its international operations meanwhile soared by 15%.
General Mills also confirmed that its US$10.5bn acquisition of Pillsbury should be completed by the end of the next financial quarter. The deal with UK drinks group Diageo for the US food group was agreed last summer but is still awaiting approval from the Federal Trade Commission. General Mills is confident that it will go ahead.
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