Cheerios Maker Is the Latest Victim of U.S. Trucker Shortage
- General Mills cuts full-year profit outlook as costs rise
- ‘We are moving urgently’ to address cost inflation, CEO says
Photographer: Daniel Acker/Bloomberg
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General Mills Inc. suffered the worst plunge since mid-2015 after shipping costs and other expenses squeezed profit margins to their thinnest point in years.
The maker of Cheerios cereal and Progresso soup lowered its full-year profit forecast, citing higher freight and commodity expenses. Operational costs have also risen as the company grapples with an industrywide grocery price war.