General Mills 3Q Profit Beats the Street


General Mills Inc reported higher-than-expected quarterly earnings and slightly lifted its outlook on Wednesday, as a newly acquired business boosted sales.

Net earnings were $541.6 million, or 82 cents per share, in the second quarter ended Nov. 25, compared with $444.8 million, or 67 cents per share, a year earlier.

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Excluding items, earnings were 86 cents per share, topping analysts' average estimate of 79 cents per share, according to Thomson Reuters I/B/E/S.

Sales rose nearly 6 percent to $4.88 billion, meeting analysts' estimates, helped by the recently acquired Yoki Alimentos business in Brazil.

The company said it now expects to earn $2.65 per share to $2.67 per share in fiscal 2013 excluding accounting adjustments, a tax benefit and restructuring and integration costs. Its earlier forecast called for earnings of about $2.65 per share.