Posted AT 8:26 AM EST on 17/09/08
General Mills profit beats forecasts
CHICAGO — General Mills Inc. posted a higher-than-expected quarterly profit and raised its full-year forecast Wednesday as consumers bought more cake mixes and frozen pizzas to save money.
The maker of Cheerios cereal, Betty Crocker baking mixes and Green Giant vegetables said earnings fell 3.6 per cent to $278.5-million (U.S.), or 79 cents a share, in the first quarter ended on Aug. 24 from $288.9-million, or 81 cents a share, a year earlier.
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