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GIS » Topics » After-tax earnings from joint ventures

This excerpt taken from the GIS 10-Q filed Sep 19, 2007.
After-tax earnings from joint ventures increased $3.3 million from the first quarter of fiscal 2007, to $22.4 million. Net sales for Cereal Partners Worldwide (CPW) increased 25.7 percent driven by higher volume, including 8.1 points of growth from the acquisition of Uncle Tobys, and 7 points of favorable foreign exchange. Net sales for our Häagen-Dazs ice cream joint ventures in Asia matched prior-year levels as an increase in sales volume was offset by unfavorable foreign exchange. 8th Continent, our soy products joint venture, recorded a 15.6 percent net sales decrease in the first quarter of fiscal 2008, driven by decreased sales volume.

 

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