General Mills reports 3Q profit boost

MINNEAPOLIS (AP) — The maker of Cheerios cereal and Yoplait yogurt posted a 15 percent higher profit for its fiscal third quarter on lower commodity costs and rising sales boosted by a sharp increase in marketing spending.

General Mills Inc. also lifted its 2010 adjusted earnings outlook today, but the forecast was shy of Wall Street's expectations.

Net income was $332.5 million, or 96 cents per share, for the period ended Feb. 28. That's up from $288.9 million, or 85 cents per share, in the same quarter a year ago.

Excluding one-time items, profit was 97 cents per share, topping the 93-cent estimate of analysts surveyed by Thomson Reuters. Those estimates generally take out one-time items.

"Results for the third quarter reflect continued good sales growth, margin strength and significant marketing reinvestment in our brands," Chairman and CEO Ken Powell said in a statement.