Kraft revenue slightly misses Street expectations
Kraft posted sales that missed Wall Street expectations Thursday.
Kraft posted earnings of $1.54 a share, including $1.11 a share worth of items tied to its retirement plans. It is unclear whether the figure is comparable to the 61-cent estimate from Thomson Reuters. Meanwhile, the company reported sales of $4.60 billion, slightly short of expectations for $4.63 billion. The company noted that a recall of its string cheese hurt its cheese unit.
Shares fluctuated in volatile trading following the report. (Click here to get the latest quotes.)
A year earlier, Kraft earned $90 million, or 15 cents per share.
"We made significant strides during our first full year as a public company," said Kraft CEO Tony Vernon in the company's press release. "Our focus on driving profitable growth while reinvesting in our brands and people has delivered solid results to date and will serve us well as we continue to remake Kraft into the best food and beverage company in North America."
Separately, the company announced that executive chairman John Cahill will be its non-executive chairman as of March. Most recently, Kraft announced it is removing artificial preservatives from its popular Singles cheese, succumbing to pressure from increasing food scrutiny.
--By CNBC.com. AP contributed to this story.