NEW YORK (CNN/Money) - Cereal maker General Mills Inc. Wednesday posted reduced fiscal fourth-quarter profit despite sharply higher sales, but it met Wall Street expectations and reaffirmed its earnings guidance for the current fiscal year.

The Minneapolis-based company, whose acquisition of Pillsbury during the past year raised sales, earned $94 million, or 25 cents a share, excluding special items, in the period ended May 26. That was in line with the consensus analysts' forecast from earnings tracker First Call, and down from the 42 cents a share it earned excluding special items a year earlier.

Including special items, net income came to $57 million, or 15 cents a share, down from $146 million, or 50 cents a share, a year earlier.

Revenue increased 75 percent to $2.3 billion from $1.3 billion a year earlier. The gain was spread across all the units, as its core U.S. retail division posted a 40 percent gain in sales to $1.6 billion, bakeries and food service sales climbed 272 percent to $413 million and international sales shot up 359 percent to $317 million.

The company said it expects to earn $2.60 a share excluding special items in fiscal 2003, up from the $1.70 a share it earned in the just completed fiscal year. First Call's EPS estimate for 2003 stands at $2.56.

Shares of General Mills (GIS: Research, Estimates) closed at $44.36 Wednesday with a gain of $1.51 from Tuesday.