General Mills Reports In-Line Q3 Earnings

General Mills Inc

reported its Q3 adjusted EPS at $0.56, versus the consensus of $0.56. The company reported its Q3 revenue at $3.65 billion, versus the consensus of $3.69 billion. GIS' total segment operating profit rose 10%. The company's net earnings increased 18% to $392 million. The company's diluted earnings per share (

) climbed 23% y/y to $0.59, from $0.48 in the year-ago quarter. GIS projected FY11 earnings of $2.46 to $2.48 per share. However, analysts expected FY11 earnings of $2.48 per share. GIS Chairman and Chief Executive Officer Ken Powell said, “Results for the third quarter showed an acceleration in sales and profit growth following first-half performance that tracked generally in-line with strong prior-year levels. Our plans call for the fourth quarter to show the highest earnings growth of the year, with increasing contributions from pricing actions we have taken to partially offset significant commodity cost increases. We remain on track to achieve our financial targets for the full 2011 fiscal year.” GIS shares dropped 0.57% to close at $36.91 yesterday. Read more