Kraft Foods Group Inc (NASDAQ:KRFT) reported higher income on Thursday, but missed Wall Street's revenue estimates because of lower prices and an unseasonably early Easter holiday.
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.
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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.