Shares in Kraft Foods rose in pre-market trading today (21 February) after the US food giant forecast a 9% increase in underlying earnings in 2012.

Kraft said it expects its operating earnings per share to grow “at least” 9% this year on a constant-currency basis.

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Operating earnings per share is Kraft’s diluted EPS from continuing operations excluding charges including M&A, integration and spin-off costs.

In 2011, Kraft saw its operating earnings per share increase 10.4% when excluding the impact of foreign exchange.

The company, which is due to divide in two this year to create a North American grocery business and a global snacks company, also forecast that its net revenues would increase around 5% on an organic basis, including a one percentage point hit from “product pruning” in North America. In 2011, Kraft’s organic net revenue was up 6.6%.

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A Kraft spokesperson said the 2012 estimates were for the company as a “single entity”. He added: “We won’t be able to create separate guidance until later this year, as we prepare for the separation of the businesses.”

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Kraft reported a 14.3% drop in net earnings to US$3.55bn for 2011. A year earlier, earnings were boosted by the proceeds of the sale of Kraft’s North American pizza business to Nestle. Earnings from continuing operations were up 42.2% at $3.46bn.

Operating income climbed 17.5% to $6.66bn. Underlying operating income, which excludes integration, M&A and spin-off costs, grew 9.7% at $7.2bn.

Net revenues were up 10.5% at $54.4bn. Kraft said it saw “strong growth across all geographies”.

Kraft’s shares were up 0.95% at $38.37 in pre-market trading at 08:52 ET.