General Mills quarterly profit rises
NEW YORK (Reuters) - General Mills Inc <GIS.N> on Wednesday posted higher quarterly profit as cost-cutting measures and higher sales helped offset soaring prices for wheat and other commodities.
The maker of Cheerios cereal, Progresso soup and Yoplait yogurt said profit was $430 million, or $1.23 a share, in the fiscal third quarter, compared with $267.5 million, or 74 cents share, a year earlier.
Like most food companies, General Mills has been hit by commodity costs that have risen well above expectations. Among ways the company has dealt with rising costs was to reduce the size of its cereal boxes, effectively raising the price per ounce.
(Reporting by Kristina Cooke, editing by Maureen Bavdek)