General Mills misses quarterly profit estimates amid supply chain woes, inflatio

Shares of the Minneapolis, Minnesota-based company were down about 4% in premarket trade.

Prolonged supply chain disruptions and a shortage of truck drivers in the United States have forced packaged food makers to incur higher costs, adding to spiraling prices of ingredients like wheat, corn and edible oils that have already crimped margins across the sector.

To ease some of the cost pressures, General Mills, like peers Kraft Heinz Co and Campbell Soup Co, has bumped up prices of its products.

However, heightened inflation and supply costs in the quarter outstripped General Mills' efforts to raise product prices, Chief Executive Officer Jeff Harmening said. The company said it has taken further pricing actions that will go into effect in the current quarter, adding it expects more price increases in the back half of the year.