Home
U.S.
World
Entertainment
Sports
Business
Health
Science
Technology
Politics
Offbeat
Environment
Travel
News
Articles
General Mills Q4 Profit Slips On Costs, Healthcare Tax
Email
Facebook
Digg
Twitter
Buzz Up!
ShareThis
June 30, 2010 2:25 p.m. EST
Topics: earnings, company information, economy, business and finance, United States
Mitchell Jaworski - AHN News Reporter
Minneapolis, MN, United States (AHN) - General Mills announced late Tuesday that fiscal fourth quarter earnings fell 41 percent as the impact of higher commodity costs and a one-time charge for a healthcare reform tax cut into the bottom line.
The maker of Cheerios said it earned $212 million or 31 cents a share in the fourth quarter, down from $359 million or 53 cents a share in the same period a year ago.
Excluding one-time items that included a tax related charge for the new healthcare reform, General Mills said it earned 41 cents a share. The result fell just shy of analyst estimates that called for 42 cents share.
Sales in the quarter dipped 2 percent to $3.6 billion. However, the year-ago quarter included one extra week of sales.
Gross margin was pressured in the period, falling to 36.2 percent from 42.4 percent last year. Margins were mainly pressured by the mark-to-market valuations on some commodities and the company’s grain inventories.
For the year, General Mills grew sales by 1 percent to $14.8 billion, leading to earnings of $2.30 a share, up from $1.99 a year earlier.
Looking forward, General Mills said it expects fiscal 2011 earnings of $2.46 to $2.48 a share, with sales growing in the low single digit range.
Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication.
Most Popular Stories
Kanye West, Kid Cudi, Big Sean To Release Albums On Same Day
Six Killed In Chinese Amusement Park Accident
Madonna's Daughter Lola Starts Blog To Promote Material Girl Line
Eva LaRue Marries Beau Joe Cappuccio
Stephenie Meyer's "Bree Tanner" Sold Over A Million Copies In The U.S.
MMA Fighter Kirkham Killed In South Carolina Bout
Obama Making Sure McChrystal Gets Four-Star General Retirement Benefits
World Cup: Paraguay Takes Shootout Win Vs. Japan, Moves To Quarterfinals
"Melrose Place" Star Amy Locane Charged With DUI Manslaughter
FDA Tells Meat Producers To Limit Use Of Antibiotics In Animals
Recent Posts
Most Popular Comments
Recent Comments
Popular Threads
Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat
Follow AHN on Twitter
AHN Social News connects you with friends and the news
Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved
Other News on Thursday, 1 July 2010 Iran warns EU of "dire consequences" over sanctions
'Humiliated' Merkel's pick for president finally approved
Court rules no rights protection for UK troops at war
French antitrust watchdog slaps Google over ads
Sarkozy government under fire in tax evasion row
US-TECH Summary
WTO rules out some EU state aid for Airbus
US, Afghans repel attack against major base
Merkel candidate for president fails again
Robots vie for World Cup glory in Singapore
Netanyahu envoy, Turkish minister in secret talks: report
|
World Cup celebrities praise S.Africa on Twitter
Solar plane aims for pioneering day and night in the skies
Iran warns EU of dire consequences over sanctions
|
Two sentenced to death for Iran protester killings
|
WTO rules some Airbus subsidies are illegal
Brother of slain Mexican candidate to run instead
|
North Korea urges U.N. council to back new Cheonan probe
|
US claims 'landmark victory' in WTO Airbus ruling
Cold War support for Russian "spies" on networking site
S.Korea president to promote trade talks in Mexico visit
Obama movie debuts in Indonesia
War crimes prosecutors cleared to call Naomi Campbell
Spy scandal won't damage U.S. ties, Russia says
Prisoner freed after Thai king pardons royal insult
Beijing pet spas turn pooches into pandas
Nepal PM resigns live on TV
US-TECH Summary
U.S. Attorney General in Kabul for graft talks
Farrakhan Accuses Jews Of Hurting Blacks
Hurricane Alex's Approach Spawns Flooding, Evacuations
Sweet! Tooth Gel Could Eliminate Cavities, Fillings
U2, Madonna Among Billboards Top Money Makers
Sony: 535,000 Vaio PCs may have overheating glitch
|
Glee Heads To Oxygen, Modern Family To USA In New Syndication Deals
David Archuleta To Sing "Something 'Bout Love" This Fall
Closing Arguments Set For California Train Murder Trial
Missing Ohio Teen Found Hiding In Boyfriends Apartment
Lawsuit Seeks To Block Continental, United Merger
General Mills Q4 Profit Slips On Costs, Healthcare Tax
Sony warns its VAIO laptops may overheat, cause burns
India auction of oil, gas blocks fetches $1.1 billion
China Mobile exec detained over financial misconduct: report
Japan's big four car makers issue over 100,000 recalls
Bangladesh garment protests spread to Dhaka streets
Japan's SMBC to take stake in Indian lender
Kylie Minogue, sexy as ever on Aphrodite
|
Eclipse takes $30 million bite from midnight box office
|
US-ENTERTAINMENT Summary
Wonder Woman gets 21st century makeover
|
"Eclipse" takes $30 million bite from midnight box office
Wonder Woman gets 21st century makeover
Rapper Lil Wayne gets probation on drug charge
|
Rapper Lil Wayne gets probation on drug charge
Siena's horserace: a year-long wait for a quick thrill
Spain's Catalonia passes controversial film dubbing law
Dutch bars defy two-year-old smoking ban
Croatian president lends voice to Pixar cartoon
Italy appeals rights court's school crucifix ban
S.Korean workers in Afghanistan in rocket attack
L'Oreal billionaire fraud trial to begin
Russia and U.S. downplay spy case
|
NATO's deadliest month in Afghan war
French prosecutors demand 10 years' jail for Noriega
Amazon launches cheaper Kindle
Elian Gonzalez says he's happy at home in Cuba
|
Study pushes back dawn of multicellular life on Earth
Sudan releases Islamist opposition head Turabi
Vietnam steps up China-style Internet control
US House passes historic Wall Street overhaul
Revolt mars German presidential victory for Merkel
|
Obama set to sign Iran sanctions bill: W.House
Merkel's pick for president wins third round vote
WTO rules some EU Airbus subsidies illegal
Holbrooke Says McChrystal Apologized In The Middle Of Night
Google's China operating license under review: Xinhua
Israeli aircraft strike Gaza, no injuries
Netanyahu envoy and Turkish minister in secret talks: report
|
India further delays mobile number portability
Rockets hit South Korean Afghan rebuilding base
Iran warns EU of dire consequences over sanctions
|
Eminem Debuts At #1 With "Recovery" On Billboard Albums Chart
IBM buys stake in China's Bright Oceans
Child Rapist-Murderer Gets Last Minute Stay Of Execution
Lebanon telco firm says employee held in spy case
"Twilight: Eclipse" Smashes Midnight Box Office Records
clears way for massive stock buy back
Two sentenced to death for Iran protester killings
Senator Durbin Declares Battle To Stop Fed-Aid Abuse By For-profit Colleges
Google News revamped to get more personal
Netanyahu envoy, Turkish minister in secret talks -report
U.S. Markets Close Lower, Stocks Post Loss For Q2
Amazon buys deal-a-day website Woot
U.S. Recall Of Vaio Laptops Prompts Online Fix From Sony
Facebook makes outside applications ask for user data
Apollo Group Q3 Profit Dips On Special Charges
Sudan releases Islamist opposition head Turabi: family
|
Australia's 'Dr Death' surgeon gets 7 years
Hurricane Alex churns across northeast Mexico
Ambush in Sahara kills 11 Algerian police
Suspect in Russian spy ring vanishes in Cyprus
U.S. court pick Kagan sails through Senate hearing
Russia and U.S. downplay spy case; suspect on run
Petraeus wins US Senate nod on Afghan war
Russian spy suspect jumps bail in Cyprus
Portland police re-opening Gore investigation
North Korean agents jailed for assassination plot
China orders online sellers to register details
Chinese gay man sues blood centre
Seoul shares decline; LG Display, Hyundai Motor dip
Microsoft pulls plug on Kin phones
|
China's manufacturing activity slows in June
Amazon launches cheaper Kindle
|
Taiwan stocks fall as China data weighs; techs slip
S.Korea ends Microsoft's online shopping monopoly
S.Korea's Doosan wins lucrative reactor order
Google's China operating license under review: Xinhua
|
Nepal's Maoists stake claim to lead government
Kung fu hustle? Students try martial arts to ace exam
Google's search engine remains blocked in China
Australian fisherman nets three-metre croc
British conductor leads Independence Day concert
Tens of thousands to march for democracy in Hong Kong
IBM buys stake in China's Bright Oceans
|
Meryl Streep to play Margaret Thatcher
S.Korean professor charged over holy water device
Toyota warns of engine defect in Lexus, Crown models
"Scream 4" brings on more fresh blood
Two N.Korean agents jailed for assassination plot
S.Korea SK Group says to invest $14.3 bln by 2020
Beijing, Mexico City traffic world's worst: study
Al Pacino mesmerizes in "Merchant of Venice"
Vietnam growth hits 6.4 percent in second quarter
UK contemporary art auctions solid, not stellar
Writer Christopher Hitchens to undergo chemotherapy
U.S. authorities seize websites over pirated movies
Ulster Museum wins 100,000 pounds Art Fund Prize
Eclipse takes $30 million bite from midnight box office
|
Meryl Streep to play Margaret Thatcher
|
Scream 4 brings on more fresh blood
|
CNN mainstay Larry King quitting after 25 years
|
Al Pacino mesmerizes in Merchant of Venice
|
U.S. authorities seize websites over pirated movies
|
Wonder Woman gets 21st century makeover
|
Writer Christopher Hitchens to undergo chemotherapy
|
British conductor leads Independence Day concert
|
Syria detains 400 Kurdish rebels in raids
Russia spy scandal '11th man' vanishes in Cyprus
Glitch delays solar plane's historic night flight
Clinton to calm US allies on eastern Europe, Caucasus trip
Netanyahu says Israel ready to deal for Shalit release
|
US jobless claims surge more than expected
Ukrainian Brothers Charged In Human Trafficking Scheme
Naomi Campbell to testify at war crimes court
Oil Cleanup Efforts Halted By Hurricane Alex
Liverpool appoint Hodgson as manager
Rockets hit SKorean Afghan reconstruction base
Chicago Road Workers Go On Strike
U.N. nuclear agency's top inspector resigns
|
Beach Umbrella Stabs Woman
Somali clashes kill 21 and wounds 42
|
Police Reopen Gore Sex Probe
NATO says district Afghan Taliban chief arrested
Probe Launched Into Death Of Teen At LA Music Festival
Hurricane Alex Kills One In Mexico; Weakens To Category 1
Toy Bracelets, Rings Recalled Out Of Cadmium Fears
Turkey and Israel hold talks on mending fences
|
Petraeus wants to cut Afghan air power redtape
|
Genetic Link May Have Been Found For Type of Hair Loss
At-Home Births May Be Risky To Babies
New British government wants more influence in EU
|
Heiress case hits French court
|
New Italy immunity plan draws opposition outrage
|
India's Fortis bids for Singapore healthcare provider
Arroyo seeks changes to Philippine constitution
China says would welcome visit by US defence secretary
Google search feature blocked in China
Indonesian police to sue magazine over pig cover
House arrest for Maldivian opposition MPs
Asian stocks slide on weak China data, global fears
Pakistan's forex reserves edge up to $15.83 bln
S.Korea rejects North's offer for direct talks
Pakistani stocks dull as new tax weighs on sentiment
S.Korea currency curbs to take effect this month
Japan's business confidence highest in two years
Pakistan gets $710 mln inflows; IMF target likely met
NZ govt faces voter ire as CO2 scheme steps up
S.Korea June inflation eases, rate view questioned
China Unicom in talks to launch iPhone 4
Age bar on Korean comedians no laughing matter
Cheek-to-cheek in Bucharest tango revival
Child Rapist-Murderer Gets Last Minute Stay Of Execution
Missing Ohio Teen Found Hiding In Boyfriends Apartment
Hurricane Alex Strengthens As It Heads To Texas, Mexico
London lauds Domingo in Simon Boccanegra
|
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights