General Mills Inc.'s core businesses performed solidly in the second quarter but a 29.3 percent increase in profits included a one-time $9.2 million gain from the sale of the Lancia Bravo pasta operation and a restructuring charge for Yoplait yogurt operations, the food and restaurant company said Wednesday.
Net earnings of $118.2 million, or 72 cents a share, for the quarter ended Nov. 25 compare with $91.4 million, or 55 cents a share, in the second quarter of fiscal 1990. Sales grew 13 percent, from $1.63 billion to $1.84 billion.
Excluding the net after-tax gain of $9.2 million, profits for the quarter were up 19.2 percent. General Mills operates a cereal plant in Buffalo.
The company expects continued gains in the second half, noting that overall results also will reflect a gain on the sale of the O-Cel-O sponge business, completed Friday, which will be reported in the third-quarter results. O-Cel-O is based in the Town of Tonawanda.