The US's largest food company Kraft Foods yesterday (24 July) reported second quarter net earnings of US$682m, an increase of 44.5% over last year, while diluted earnings per share were $0.41, up 46.4%. However, when the impact of asset impairment, exit, and implementation costs, gains from the sale of businesses and earnings from discontinued operations are factored out, net earnings for the quarter grew 7% and EPS increased 8.5% to $0.51.