Kraft’s Profit Rises Less Than Expected
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Kraft Foods Inc. said second-quarter profit rose 5.3%, less than its forecast, as sales slowed.
Net income increased to $949 million, or 55 cents a share, from $901 million, or 52 cents, a year earlier, the Northfield, Ill.-based company said. Sales rose 4.4% to $7.84 billion. Analysts surveyed by Thomson First Call had expected Kraft to earn 58 cents in the second quarter.
Kraft reduced its annual earnings estimate to $2 to $2.05 a share. It had forecast profit of as much as $2.15. Analysts had expected $2.13 a share.
Shares of Kraft rose 2 cents to $30.80 on the NYSE before the earnings announcement.
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