MINNEAPOLIS ( TheStreet) -- General Mills ( GIS) posted better-than expected third-quarter earnings and raised its guidance for the fiscal year. Generals Mills increased its fiscal 2010 earnings guidance to $4.57 to $4.59 a share, compared with the Street expectation of $4.60 a share. Previously, the company's guidance had been $4.52 to $4.57 a share. General Mills reported double-digit earnings growth to 96 cents a share in the third quarter. Excluding one-off items, earnings rose 23% to 97 cents a share, exceeding the Wall Street consensus estimate of 93 cents a share. Net sales increased 3% to $3.63 billion, compared with Wall Street's expectation of $3.62 billion, as the company made significant marketing reinvestment in its brands. -- Reported by Andrea Tse in New York Follow TheStreet.com on Twitter and become a fan on Facebook.