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Tuesday, November 03, 2009
Kraft Lifts Profit Forecast; Still Eyeing Cadbury
By Matt Andrejczak
MarketWatch Pulse
SAN FRANCISCO -- Kraft Foods , the world's No. 2 food maker, late Tuesday reported third-quarter net income of $824 million, or 56 cents a share. In the year-earlier quarter, Kraft earned 34 cents a share, excluding a huge gain from the sale of the Post cereals business. Sales fell 5.7% to $9.8 billion. Analysts had forecast Kraft would earn 48 cents a share on sales of $10.3 billion, according to FactSet Research. Kraft also said it was still interested in buying Cadbury and raised its 2009 profit forecast by 4 cents to $1.97 a share. But the company trimmed its sales outlook. Kraft shares, one of 30 stocks in the Dow Jones Industrial Average, closed Tuesday at $27.54.
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