Kraft Posts Better-than-Expected 3Q Profit

Features Reuters

Kraft Foods Group Inc (KRFT) reported a higher quarterly profit on Wednesday, helped by cost savings such as a reduction in ad spending in some of its businesses, but revenues were lower than expected.

Continue Reading Below

The maker of Maxwell House coffee and Planters nuts said net income was $500 million, or 83 cents per share, in the third quarter, compared with $466 million, or 79 cents per share, a year ago.

Net revenue declined 4.2 percent to $4.39 billion, in part because a year earlier it had higher shipments ahead of its spin-off from Mondelez International Inc.

Wall Street was expecting $4.56 billion, according to Thomson Reuters I/B/E/S.

Continue Reading Below