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General Mills Profits Jump, Beat Estimates

Stock quotes in this article: GIS , SLE , PG , TSN , SLE , PG , TSN  

Updated from 9:37 a.m. EDT

General Mills(GIS Quote), fueled by stronger sales and investment gains, reported a 61% jump in third-quarter earnings and backed its recently boosted profit forecast for the year.

For the quarter ended Feb. 24, the Minneapolis-based packaged-foods giant earned $430.1 million, or $1.23 a share, up from $267.5 million, or 74 cents a share, a year earlier.

The results were lifted by gains totaling 27 cents a share from the company's hedges on open commodity positions and grain inventories. Excluding these gains, earnings per share rose 18% to 87 cents. ...

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