General Mills Reports Slight Drop in Quarterly Earnings
MINNEAPOLIS (AP) _ General Mills Inc. said Wednesday its quarterly earnings dipped slightly compared with earnings last year that were helped by a one-time gain.
General Mills said it earned $132 million, or 80 cents per share, in its third quarter ended Feb. 23. That compared with earnings of $134 million, or 81 cents per share, for the same period last year.
The food conglomerate said its third-quarter profit this year was lowered by $1.9 million after taxes to pay for a restructuring of its consumer foods division.
Meanwhile, the company saw an after-tax gain in last year’s quarter of $17.3 million from the sale of its O-Cel-O sponge business and restructuring of its hot oatmeal cereal business.
Total revenues for the period were $1.87 billion, compared with $1.75 billion a year ago.
Chairman Bruce Atwater said the third-quarter results reflect a 24 percent profit gain by the company’s restaurants division, which includes the Red Lobster and Olive Garden chains.
For the recent nine-month period, the company reported net earnings of $402.5 million, or $2.43 per share, on sales of $5.78 billion. That compared with earnings of $381.8 million, or $2.32 per share, on sales of $5.32 billion for the same period in 1991.