Kraft Raises Its 2011 Outlook Amid Strong Sales
Kraft Foodsreported higher-than-expected quarterly earnings and revenue and raised its full-year outlook, citing strong sales momentum on Wednesday.
The packaged-foods company raised its 2011 outlook, saying it expects organic revenue growth of at least 6 percent and operating earnings per share of at least $2.27. In August, it forecast revenue growth of at least 5 percent and earnings of at least $2.25 per share.
After the earnings announcement, Kraft's stock rose about 1 percent. (Get the latest after-hour quotes for Kraft here.)
For the third quarter, the company , delivered earnings excluding items of 58 cents per share compared to 47 cents per share a year ago.
Net income increased 22 percent to $922 million, or 52 cents a share, from $754 million, or 43 cents a share, in the year-earlier period.
Revenue rose 12 percent to $13.23 billion from $11.86 billion in the year-earlier period.
Analysts had expected Kraft to report earnings of 55 cents a share on revenue of $12.83 billion.