Kraft Posts Better-than-Expected 3Q Profit

Kraft Foods Group Inc (NASDAQ: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.

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.