General Mills earnings down

Manufacturing News, Source : TheManufacturer.com
Published : 21 Sep 2004 17:11

Foods maker General Mills reported first-quarter earnings of $183 million, down 19 percent from 227 million a year ago, due to higher ingredient prices and restructuring costs.

The company reported revenue of $2.59 billion, up from $2.52 billion one year ago.

The cost of closing five manufacturing facilities, as well as other costs related to reorganization, drove earnings down.

Focusing on the next quarter, Chairman and CEO Steve Sanger said, “We are focused on realizing the benefits of our earlier pricing actions and capturing savings through our productivity initiatives. With the successful execution of those efforts and with our innovative lineup of new products, we expect the second quarter to show good progress toward our annual goals.”

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