General Mills profit almost doubles
No one who's been paying even a pea-sized amount of attention to how the recession is affecting peoples' eating habits should be surprised that the Golden Valley-based General Mills is making a killing. Hot Dish has reported a couple times in recent months on the company's windfall. If there's any shock to be had at all, it is by exactly how big that killing is: an almost 100 percent gain this quarter over a year ago. The Strib reports:
Still, even for veteran analysts, the company's announcement Wednesday that it had nearly doubled its quarterly profit of a year ago on sales of staples such as Cheerios, Hamburger Helper and Gold Medal flour, wasn't expected. The company also estimated that next year's profit will be above analysts' current expectations.
Fourth quarter stock earnings were $358.8 million, the article says. This all despite the fact that the company has been dealing with Cheeriogate as well as recalls of some of its products as a result of E. coli and salmonella scares in recent months.