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General Mills 2Q profit falls

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GOLDEN VALLEY, Minn. (AP) -- General Mills says its second-quarter profit fell 3 percent but adjusted results beat expectations as costs of key ingredients moderated.

The Golden Valley, Minn.-based company said Wednesday earnings fell 3 percent to $378.2 million, or $1.09 per share, from $390.5 million, or $1.14 cents per share, last year. Revenue rose 8 percent to $4.01 billion.

Excluding charges on commodity positions and a gain from the sale of its Pop Secret microwave popcorn business, profit was $1.36 cents per share.

Analysts, who typically exclude one-time items, had predicted profit of $1.23 per share on revenue of $4 billion.

The company now expects earnings of $3.83 to $3.87 per share in fiscal 2009, up from $3.81 to $3.85 per share. Analysts expect $3.89 per share.

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