MINNEAPOLIS (AP) – Snack and cereal maker General Mills Inc. said Thursday it is still on track to achieve its fiscal 2011 guidance even as it faces rising ingredient costs.
General Mills started to raise prices for some of its products over the past few months and has said it expects price increases will accelerate during the current fiscal fourth quarter.
The maker of Cheerios and Chex still expects to make net income of $2.46 to $2.48 per share. Analysts expect net income of $2.48 per share, according to FactSet.
General Mills, based in Minneapolis, issued the affirmation ahead of its presentation at Goldman Sachs Consumer Products Symposium in New York.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)