BUSINESS BRIEFING / EARNINGS
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Higher costs outweighed increased sales as General Mills Inc. reported a worse-than-expected 33% drop in profit for its fiscal third quarter.
The company’s shares fell more than 11% to $47.63, their lowest point in more than three years.
For the period ended Feb. 22, the Golden Valley, Minn., company earned $288.9 million, or 85 cents a share, down from $430.1 million, or $1.23, a year ago. Revenue rose 4% to $3.54 billion.
Excluding certain charges, earnings were 79 cents a share, compared with 87 cents in the previous year. Analysts surveyed by Thomson Reuters expected 88 cents.
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