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MINNEAPOLIS (AP) - The foodmaker General Mills Inc. said on Thursday that its third-quarter profit rose 9 percent as increased sales helped offset rising prices for ingredients, and the company raised its guidance for the year.
General Mills, which makes Wheaties and Cheerios cereals and Yoplait yogurt, said it earned $268 million, or 74 cents per share, during the quarter that ended Feb. 25, up from $246 million, or 68 cents per share, during the same period last year. Revenue of $3.05 billion was up 6 percent from $2.88 billion during the same period last year.
Analysts surveyed by Thomson Financial were expecting earnings of 70 cents per share on revenue of $2.98 billion.
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