Kraft Reports Higher Earnings and Forecasts Growth |
| New York Times - Feb 21, 2012 |
Kraft Foods on Tuesday forecast earnings growth of at least 9 percent this year, even as it prunes its portfolio of North American brands.
The company reported quarterly net income of $830 million, or 47 cents a share, in the fourth quarter, up from $540 million, or 31 cents a share, a year earlier.
Excluding items, earnings were 57 cents a share, in line with the analysts’ average estimate, according to Thomson Reuters.
Kraft will separate into two companies later this year. One will focus on snacks like Cadbury chocolate and Oreo cookies, and the other will focus on North American grocery brands including Maxwell House coffee and Oscar Mayer lunch meat.
Kraft forecast 2012 net revenue growth of about 5 percent, including a reduction of up to one percentage point because of “product pruning” in North America.
The company said it expected operating earnings to rise at least 9 percent on a constant-currency basis, reflecting a higher tax rate and higher pension costs.
Read Full Article from New York Times
- Posted: 2012-02-21 12:41:18
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