General Mills report tame earnings
earnings in its fiscal first quarter were flat because of higher
General Mills, the US maker of cereals and cake mixes, reported net earnings in its fiscal first quarter were flat because of higher interest expenses, as the company' s acquisitions increased its debt load, the Financial Times reported yesterday. Net earnings were $158.9m, or 55 cents per share, in the quarter ended August 27, compared with $158.5m, or 50 cents a share, in the year-ago period. Although General Mills' earnings were unchanged on an after-tax basis, chief executive Steve Sanger said he was optimistic about growth in sales of its products such as Cheerios cereal and Betty Crocker cake mix, the paper continued. Shares of General Mills fell $3/16 to $32-5/8 in midmorning trading in New York on Thursday.