MINNEAPOLIS (AP) -- General Mills Inc.'s fiscal fourth-quarter net income rose 51 percent on stronger sales but was hampered by higher ingredient costs.
The Minneapolis-based maker of Cheerios, Lucky Charms and other foods also gave a 2012 earnings outlook below analysts' expectations.
General Mills earned $320.2 million, or 48 cents per share, for the period ended May 29. That's up from $211.9 million, or 31 cents per share, a year ago.
Adjusted earnings increased to 52 cents per share from 41 cents per share, meeting analysts' forecasts.
Revenue climbed 3 percent to $3.63 billion from $3.53 billion, but missed Wall Street's estimate of $3.66 billion.
The company saw its biggest sales gain in its Small Planet Foods organic and natural foods division, with its snacks and Yoplait divisions also reporting increased sales.
