General Mills profit dips as commodity costs rise
General Mills Inc posted a quarterly profit in line with Wall Street expectations and stood by its lowered full-year forecast as it faces higher costs for raw materials.
“Fiscal 2012 has represented a challenging operating environment, with the highest level of commodity inflation that we’ve seen in 30 years,” Chief Executive Officer Ken Powell said in a statement on Wednesday. Shares of General Mills were down 0.7 percent at $38.50 in trading before the market opened. To read full article, click here.