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Kraft’s profit beats Wall Street expectations as sales increase

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In this Feb. 2, 2009 photo, Kraft Foods Macaroni & Cheese dinners are seen on display at a market in Palo Alto, Calif. THE CANADIAN PRESS/AP, Paul Sakuma

NEW YORK, N.Y. – Kraft Foods reported first-quarter results that beat Wall Street expectations as it increased sales and cut costs following its split from its global snack business.

The company, based in Northfield, Ill., makes products such as Oscar Mayer and Jell-O. It split from Mondelez, which took brands including Oreo, so that each could focus on a more narrow mix of products.

For the quarter, Kraft Foods Group Inc. earned $456 million, or 76 cents per share. That’s down from $483 million, or 82 cents per share, a year ago when it paid less in interest and other expenses.

Revenue rose 2 per cent to $4.55 billion.

Analysts on average expected a profit of 63 cents per share on revenue of $4.49 billion.

The company stood by its outlook for the year.

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