Kraft Foods expects 4Q adj. profit to top Street

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Associated Press

Posted on February 15, 2013 at 9:01 AM

Updated Friday, Feb 15 at 9:02 AM

NORTHFIELD, Ill. (AP) — Kraft Foods expects fourth-quarter adjusted earnings above analysts' current estimates, but foresees lower revenue than a year ago.

The company, whose brands include Oscar Mayer and Miracle Whip, also raised its 2013 earnings forecast Friday.

Kraft anticipates quarterly earnings of about 15 cents per share. Excluding charges, however, adjusted earnings would 57 cents per share. That easily tops the 23 cents that analysts expected.

Revenue is expected to drop 10.7 percent. Analysts expect revenue of $4.75 billion.

Kraft Foods Group Inc., based in Northfield, Ill., recently split with its snack food business. That company is called Mondelez International Inc. and has brands including Oreo and Nabisco.

For 2013, Kraft now expects earnings of about $2.75 per share, up from approximately $2.60. Wall Street expects $2.66 per share.

Kraft will report final fourth-quarter and full-year results by March 29.

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