Kraft Foods exceeded analyst forecasts for the company’s second-quarter turnover and earnings but the US food giant cut its guidance on annual sales.

The company yesterday booked (5 August) diluted earnings per share of US$0.53 for the three months to the end of June. A consensus forecast from US analysts has EPS at $0.52.

Operating EPS, which excludes a number of factors including M&A costs and the revaluation of Cadbury’s inventory, stood at $0.60, an increase of 13.2%.

Operating income increased 16.8% to $1.7bn as contributions from Cadbury offset costs linked to Kraft’s programme to integrate the UK confectioner into its business.

Kraft, which owns brands including Philadelphia cheese, Oreo biscuits and Ritz crackers, posted a 13.3% rise in net income to $937m.

Net revenues grew 25.3% to $12.3bn; Cadbury contributed 22.8% of that growth. Organic net revenue from Kraft’s “base” business was up 2%. Analyst consensus was for sales to climb 21.5%.

In North America, net revenues climbed 6.3%, although organic net revenue from Kraft’s base business fell 1.9%.

Looking to the second half of the year, Kraft cut its group target for combined organic net revenue growth from “at least 4%” to growth of 3-4%.

Shares in Kraft had dipped 0.3% to $29.66 at the close of trading in New York yesterday.

Click here for the full earnings statement from Kraft; check back later for coverage of the company’s call with analysts.