Rough winter hurts General Mills 3Q sales

Published on NewsOK Modified: March 19, 2014 at 9:08 am •  Published: March 19, 2014
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MINNEAPOLIS (AP) — Rough winter weather took a bite out of General Mills' fiscal third-quarter sales, and the cereal maker's results missed Wall Street expectations.

The maker of Cheerios, Yoplait and Betty Crocker products said Wednesday that its fiscal third-quarter net income rose 3 percent, free of a charge that hurt its results a year earlier.

For the three months that ended Feb. 23, the company earned $410.6 million, or 64 cents per share. That's up from $398.4 million, or 60 cents per share, a year earlier.

Last year's third quarter included a $6.1 million charge.

Removing certain items, earnings were 62 cents per share. Analysts expected 64 cents per share, according to a FactSet survey.

Revenue dipped 1 percent to $4.38 billion from $4.43 billion, hindered by bad winter weather, lower volumes and unfavorable foreign currency translation.

Wall Street was calling for $4.41 billion in revenue.

U.S. retail sales declined 2 percent as the company dealt with higher dairy costs and increased marketing and merchandising costs for its domestic yogurt business.

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