General Mills, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended February 24, 2013. For the quarter, the company reported net sales of $4,430.6 million against $4,120.1 million a year ago. Operating profit was $642.1 million against $668.6 million a year ago. Earnings before income taxes and after-tax earnings from joint ventures was $565.5 million against $572.6 million a year ago. Net earnings attributable to the company were $398.4 million or $0.60 per diluted share against net earnings attributable to the company of $391.5 million or $0.58 per diluted share a year ago. Adjusted operating profit was $675.0 million against $625.9 million a year ago. Adjusted net earnings attributable to the company were $420.9 million against $366.4 million a year ago. Adjusted diluted EPS, which excludes certain items affecting comparability, totaled 64 cents this year compared to 55 cents in last year's third quarter. Pound volume contributed 9 points of net sales growth, primarily reflecting the addition of Yoki and Yoplait Canada. Volume growth excluding new businesses contributed 1 percentage point of growth. Net price realization and mix reduced the net sales growth rate by 1 percentage point. Foreign currency exchange did not have a material effect on sales growth in the quarter. For the nine months, the company reported net sales of $13,363.4 million against $12,591.5 million a year ago. Operating profit was $2,251.2 million against $2,024.4 million a year ago. Earnings before income taxes and after-tax earnings from joint ventures was $2,016.1 million against $1,755.8 million a year ago. Net earnings attributable to the company were $1,488.9 million or $2.24 per diluted share against net earnings attributable to the company of $1,241.9 million or $1.86 per diluted share a year ago. Net cash provided by operating activities was $2,145.7 million against $1,661.6 million a year ago. Purchases of land, buildings, and equipment were $412.2 million against $423.9 million a year ago. Adjusted operating profit was $2,267.4 million against $2,117.9 million a year ago. Adjusted net earnings attributable to the company were $1,437.1 million against $1,303.1 million a year ago. Adjusted diluted EPS totaled $2.16 through the first nine months, up 10% from $1.96 a year ago. New businesses contributed 5 points of the net sales growth. Pound volume contributed 8 points of net sales growth, reflecting contributions from new businesses. Net price realization and mix subtracted 1 point of net sales growth, and foreign exchange also subtracted 1 point of growth. The company provided earnings guidance for the fourth quarter and full year fiscal 2013. The company expects fourth quarter EPS to be below strong year ago results, due to increased merchandising levels in this year's fourth quarter, higher supply chain costs and a higher tax rate. The company provided earning guidance for the full year, the company increased its guidance for fiscal 2013 adjusted diluted EPS to a range of $2.66 to $2.68, excluding mark-to-market effects, a net tax benefit recorded in the first quarter and restructuring and integration costs. The company expects net sales to grow at a mid-single digit rate, including low-single digit growth from established businesses, plus contributions from new businesses. They estimate underlying tax rate for fiscal 2013 will be below 33%.

General Mills has announced that its Board of Directors has declared a quarterly dividend payable May 1, 2013, and also approved a 15% increase in the dividend rate effective with the August 1, 2013, payment. The May 1, 2013, dividend of $0.33 per share will be payable to General Mills shareholders of record April 10, 2013. The August 1, 2013, quarterly dividend of $0.38 per share will be payable to shareholders of record July 10, 2013. The company's new annualized dividend rate for fiscal 2014 of $1.52 represents a yield of approximately 3.3% at recent market prices for General Mills' common stock.

General Mills, Inc., Q3 2013 Earnings Call, Mar 20, 2013