US food giant Kraft Foods has said its underlying sales and earnings per share in 2011 beat expectations.
The Cadbury Dairy Milk and Lu biscuits maker said its organic net revenue is expected to have increased by 6.5% last year, compared to the company’s previous guidance of a 6% rise.
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Organic net revenue excludes M&A, currency fluctuations and changes to the company’s accounting calendar.
Kraft said “mid-single-digit organic growth” in North America and Europe and “double-digit” organic growth in its developing markets drove the increase.
The company’s net revenue is said to have risen 10% in 2011, Kraft said.
The firm, which plans to file its full financial results for 2011 on 21 February, said its operating earnings per share is set to be at least $2.28, including costs of $0.01 from the impact of exchange rates.
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By GlobalDataKraft had forecast operating EPS, which excludes costs linked to M&A, “intergration programmes” and to the company’s plans to split in two, would be $2.27, excluding any impact from currency fluctuation.
“We finished 2011 with strong business momentum in each of our geographies,” chairman and CEO Irene Rosenfeld said yesterday (17 January). “Our virtuous cycle of investment continues to pay off around the world, despite a difficult operating environment. We expect our 2011 results will place us solidly among the top-tier of our peer group.”
