General Mills Profit Up After Yoplait Acquisition

NEW YORK – General Mills Inc.
said Wednesday its first-quarter profit rose to $548.9 million, or 82
cents a share, from $405.6 million, or 61 cents a share, in the year-ago
period. Adjusted profit totaled 66 cents a share in the latest quarter.
Revenue rose 5% to $4.05 billion, as the company notched a two-month
contribution from the acquisition of Yoplait International and other
company purchases. The Minneapolis food company was expected to earn 62
cents a share on sales of $4.08 billion, according to a survey by
FactSet Research. Looking ahead, General Mills said it's seeing "slow
improvement in price and volume trends across our retail food
categories." Starting in the second quarter, General Mills will include
the results of its Yoki Alimentos and Yoplait Canada acquisitions.
General Mills continues to expect adjusted 2013 earnings of about $2.65 a
share, compared to the analyst estimate of $2.66 a share.
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