Net income up 11% on previous year
Kraft raises full-year outlook
Net revenues slip 5.9% on foreign exchange
US food giant Kraft Foods reported an 11% increase in quarterly profit on Tuesday (4 August) and raised its full-year outlook as a result of a number of cost-saving initiatives.
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Net income for the second-quarter to 30 June reached US$827m from $745m in the previous year.
Operating income also climbed 7.6%, reaching $1.5bn due to lower costs after the completion of Kraft’s restructuring programme.
Despite this, net revenues dropped 5.9% to $10.2bn as foreign exchange weighed on sales. On an organic basis, net revenues grew 2.9%, with Kraft enjoying a 0.2% increase in volumes.
Kraft increased its guidance for its 2009 diluted earnings per share to at least $1.93 versus the previous forecast of $1.88.
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By GlobalDataThe company’s outlook for organic net revenue growth of around 3% remains unchanged.
Click here for the full second-quarter release from Kraft. just-food’s ‘insight’ – including comment from Kraft executives – is to follow.
