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Earnings Analysis: 
General Mills Posts Better-Than-Expected Profit
Author: 123jump.com Staff
123jump.com
Last Update: 2:11 PM EST December 21 2006



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Worthington Industries second-quarter profit fell 31% as demand for steel processing and metal framing weakened. Second-quarter profit jumped 44% for packaged-food company ConAgra Foods as the company sold off business units and improved margins. General Mills posted better-than-expected second-quarter earnings on strong sales of new, higher-priced products.

 
Worthington Industries Inc. (WOR: chart), metal processor, said that its second-quarter earnings declined 31% to $26.9 million, or 31 cents per share, compared with $39 million, or 48 cents per share in the year-ago period. Revenue jumped 4% to $729 million versus $700 million a year earlier.

ConAgra Foods Inc. (CAG: chart), packaged-food company, reported second-quarter income of $219.6 million, or 43 cents per share, compared with $152.5 million, or 29 cents per share, a year ago. Excluding income from discontinued operations, earnings came to 40 cents a share. Revenue grew 3% to $3.09 billion from $3 billion during the year-ago quarter.

General Mills Inc. (GIS: chart), breakfast cereals maker, reported second-quarter earnings of $385 million, or $1.08 per share, compared with $370 million, or 97 cents per share, a year earlier. Revenue jumped to $3.47 billion from $3.29 billion, a year earlier, with unit volume growing 3%.

International Assets Holding Corp. (IAAC: chart), financial services group, reported a fourth-quarter net loss of $1.96 million, or 25 cents per share, compared with the last-year net profit of $1.05 million, or 13 cents per share. Revenue declined 42% to $4.41 million versus $7.62 million a year earlier.

A.G. Edwards Inc. (AGE: chart), said that its third-quarter net earnings increased to $78.3 million, or $1.03 per share, compared with $51.7 million, or 67 cents per share, in the year-ago period. Revenue climbed to $771.5 million versus $677.4 million a year earlier.

Carnival Corp. (CCL: chart), cruise operator, reported fourth-quarter earnings of $416 million, or 51 cents per share, up from $336 million, or 41 cents per share, a year earlier. Revenue jumped to $2.81 billion versus last year''s $2.57 billion, helped by 5.5% growth in cruise capacity and a 2.3% rise in net revenue yields.

Commercial Metals Co. (CMC: chart), manufacturer and recycler of steel and metal products, said that its first-quarter net income increased 23% to $85.4 million, or 71 cents per share, compared with $69.6 million, or 57 cents per share in the year-earlier period. Revenue climbed 21% to $1.99 billion from $1.65 billion a year earlier.
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