National & World Ag News Headlines General Mills Reports Higher Earnings USAgNet - 07/02/2009 General Mills reported strong financial results for the fourth quarter and full 2009 fiscal year. For the fiscal year ended May 31, 2009, General Mills net sales grew 8 percent to $14.7 billion. Volume contributed 2 points of sales growth. Segment operating profit increased 10 percent to exceed $2.6 billion. During 2009, the company incurred restructuring expenses totaling $42 million pre-tax, and recorded a net pre-tax gain of $85 million from divestitures. Net earnings grew 1 percent to $1.3 billion including a net decline in mark-to-market valuation of certain commodity positions, the net gain from divestitures, proceeds from an insurance recovery, and expense associated with a discrete tax item. Earnings per share excluding the mark-to-market, divestiture, tax and insurance items would total $3.98, a 13 percent increase from comparable earnings of $3.52 per share in fiscal 2008. "In today's very challenging economic environment, our leading food brands offer the quality, convenience and value that consumers are looking for and, as a result, our businesses are showing strong growth," said Chairman and Chief Executive Officer Ken Powell. "In 2009, we held our margins in the face of sharply higher input costs, and we significantly increased the level of consumer marketing support for our brands." Net sales for the fourth quarter grew 5 percent to $3.6 billion. Pound volume growth contributed 3 points of the sales increase. Copyright © 2009 - USAgNet.com. All Rights Reserved.