Kraft’s profit beats Wall Street expectations
THE ASSOCIATED PRESS May 2, 2013 3:50PM
NEW YORK — Kraft Foods reported first-quarter results that beat Wall Street expectations as it increased sales and cut costs after its split from its global snack business.
The Northfield-based company makes products such as Oscar Mayer and Jell-O. It split from Mondelez, which took brands including Oreo, so that each could focus on a more narrow mix of products.
For the quarter, Kraft Foods Group Inc. earned $456 million, or 76 cents per share. That’s down from $483 million, or 82 cents per share, a year ago when it paid less in interest and other expenses.
Revenue rose 2 percent to $4.55 billion.
Analysts on average expected a profit of 63 cents per share on revenue of $4.49 billion.
The company stood by its outlook for the year.