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Kraft Boosts Profit Forecast For the Year

Kraft FoodsWednesday raised its 2007 earnings forecast, citing a lower-than-expected tax rate, the pace of share repurchases and increased confidence in the company's growth initiatives.

The largest North American packaged food maker said it now expects earnings before one-time items to be $1.80 a share to $1.82 a share in 2007, compared with its previous forecast of $1.75 to $1.80.

Kraft , which makes products ranging from Oreo cookies to Oscar Mayer bacon, has been grappling with higher costs for ingredients like wheat, milk and nuts while it also increases marketing spending to try to increase market share.

In August, the company said that less than half of its revenue comes from businesses that are increasing their market share.

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