Kraft Foods Group Inc (KRFT) reported higher income on Thursday, but missed Wall Street's revenue estimates because of lower prices and an unseasonably early Easter holiday.
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The U.S. maker of Maxwell House coffee, Oscar Mayer lunch meat and Planters nuts said net income was $829 million, or $1.38 per share, in the second quarter, compared with $603 million, or $1.02 per share, a year earlier.
Earnings per share include a 62 cents benefit from market-based impacts to post-employment benefit plans, and 9 cents in restructuring costs. Analysts expected adjusted earnings per share of 66 cents, according to Thomson Reuters I/B/E/S.
Net revenue fell to $4.74 billion from $4.79 billion in the second quarter of 2012. Analysts expected earnings of $4.81 billion, according to Thomson Reuters I/B/E/S.
Kraft also updated its projections for 2013, raising anticipated earnings per share to about $3.40 from $2.75 per share. The company expects its net revenue in 2013 to grow at the same rate or slightly lower than the overall North American food and beverage market.