Roger K. Deromedi and Betsy D. Holden, co-CEOs of the Northfield, Ill-based branded food giant Kraft Foods, told investors yesterday [Thursday] that the company is on track to achieve its stated earnings expectations for the year.

Deromedi and Holden reaffirmed that Kraft continues to project pro forma diluted earnings per share (EPS) of US$2.00 to US$2.05 for all of 2002, representing a 14%-16% increase over 2001.

Holden and Deromedi gave analysts insight into Kraft's efforts to build shareholder value. They described Kraft's formula for top-tier performance, which focuses on building brands, hiring and developing people and executing flawlessly, all of which drive increased shareholder value.

In addition, Holden and Deromedi noted that the company's integration of Nabisco's businesses and infrastructure is on track, and the company expects to achieve its planned net synergy targets of US$300m in 2002, growing to about US$600m in ongoing annual savings.