Kraft Profit Beats Expectations, But Revenue Misses Forecasts
Kraft Foodsposted earnings that beat analyst forecasts Thursday, but revenue fell short of what Wall Street had been expecting.
The world's second largest food company said it earned 60 cents a share, excluding one-time items, above analysts estimates of 52 cents a share and down from 56 cents a share a year earlier.
Sales reached $12.25 billion, below expectations of $12.33 billion but up from $10.16 billion a year ago.
Shares of Kraft rose almost 2 percent in extended trading Thursday. Get after-hour quotes for Kraft here.
The company's stock finished the regular New York Stock Exchange session at $29.66. Volume exceeded 14 million shares before the closing bell.
"We're making excellent progress on the Cadbury integration and expect to realize even greater synergies," said Irene Rosenfeld, CEO of Kraft in a prepared statement. "In light of our strong earnings momentum, we will reinvest our 2010 upside to build our brands and to harmonize business practices."
"We will deliver at least $2.00 of Operating EPS this year while building a stronger foundation to achieve top-tier growth in 2011."