ADVERTISEMENT

ADVERTISEMENT

m8847 BC-Earns-GeneralMills 3rdLd-Writethru 06-25 mga

We are part of The Trust Project.

Big G profit falls, matches outlook

MINNEAPOLIS — General Mills. said costs for hedging commodities drove its fourth-quarter profit down 17 percent, but strong sales of yogurt, cookie mixes and Cheerios boosted revenue above expectations.

The company said it expects supply expenses to rise another 9 percent in the current fiscal year, and price increases are possible.

"Input cost inflation will remain a significant challenge for us," with the biggest increase coming early in the fiscal year, Chief Financial Officer Donal Mulligan said.

For the quarter that ended May 25, the Golden Valley-based foodmaker’s net income fell to $185.2 million, or 53 cents per share, from $224.1 million, or 62 cents, a year ago.

What To Read Next
Caitlin and Jason Keck’s two-year term on the American Farm Bureau Federation committee begins next month.
The Minnesota Public Utilities Commission met on Jan. 5, 2023, to consider the application for Summit Carbon Solutions.
Qualified Minnesota farmers will receive dollar-for-dollar matching money to purchase farmland.