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General Mills tops forecast
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June 27, 2000: 9:09 a.m. ET
Cereal and food maker's 4Q profit caps record year; predicts continued gains
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NEW YORK (CNNfn) - Cereal and packaged food maker General Mills capped record fiscal-year earnings Tuesday by edging past fourth-quarter estimates.
 The Minneapolis-based company earned $108.9 million, or 37 cents a diluted share, in the period ended May 28, up from $104.8 million, or 33 cents a share adjusted for a stock split last November. Analysts surveyed by earnings tracker First Call forecast the company would earn 36 cents a share in the period.
General Mills, which makes such products as Cheerios and Wheaties cereals, Yoplait yogurt and Betty Crocker baking mixes, said sales in the quarter rose 6 percent to $1.7 billion from $1.6 billion. It now is neck-and-neck with Kellogg Co. (K: Research, Estimates) as the nation's largest maker of breakfast cereal.
The company said worldwide unit volume grew 7 percent, partly due to acquisitions, including snack food maker Gardetto's and organic food producer Small Planet Foods. Even without those additions, shipments for General Mills' established businesses increased 4 percent.
For the year, earnings totaled $614.4 million, or $2.00 a diluted share, including its first profit of $3.3 million from overseas joint ventures. That's up from $566.7 million, or $1.80 a share, the previous year before a restructuring charge that cost $32.3 million, or 10 cents a share, net of taxes.
Sales rose to $6.7 billion for the fiscal year from $6.2 billion.
The company said it believes sales growth, contributions from overseas joint ventures and productivity gains will continue to improve profits in the coming fiscal year. It said it expects double-digit percentage gains in earnings per share, which is basically in line with analysts' current forecasts of a fiscal 2001 profit of $2.20 a share.
General Mills (GIS: Research, Estimates) stock rose 7/16 to 38-5/16 Monday. 
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General Mills
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