General Mills Lifts Annual Earnings Outlook

Minneapolis-based food maker General Mills raised its fiscal 2008 earnings guidance on higher-than-expected sales growth. For the fiscal year ending in May, the company now expects earnings of $3.45 to $3.47 per share, from a previous range of $3.39 to $3.43 per share. Excluding a l9 cent per share benefit from tax items and accounting related gains, the company expects earnings of $3.64 to $3.66 per share.

General Mills Profits Rise

General Mills, food maker, managed a slightly higher profit in its latest quarter. The company that makes Cheerios cereal, Yoplait yogurt and Progresso soup also affirmed its earnings guidance for the full year, saying it has plans in place to counter what it expects will be continued increases in grain, dairy and energy costs. Golden Valley-based General Mills Inc. earned $390.5 million, or $1.14 per share, in the fiscal second quarter of 2008, ended Nov. 25 vs $385.4 million or $1.08 per share in the year earlier period. Revenue climbed 7 percent to $3.70 billion from $3.47 billion a year earlier on strength across all segments.