US food giant Kraft Foods has backed its 2003 earnings guidance but warned that its earnings could be hit next year by pension and stock options costs.
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Kraft, which makes Philadelphia cream cheese and Oreo cookies, said it still expects increased pension costs and executive stock awards to hit this year’s profit by 9 cents a share, while pensions and restricted stock compensation could hit 2004 profit by up to 7 cents a share.
Kraft said it expects worldwide volume growth of around 3% in 2003, driven by new products, reported Reuters.
The company is aiming for 2003 earnings-per-share of between US$2.10 and $2.15, growth of between 4% and 6% compared to 2002.
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