Kraft 2nd-quarter earnings beat estimates, but problems in U.S.

Kraft Foods Inc. has become a much more global company with the acquisition of Cadbury, but persistent penny pinching in the U.S. took some of the luster from second-quarter sales.

For the quarter ended June 30, Kraft reported earnings up 13 percent, to $939 million, or 53 cents per diluted share, beating the Wall Street consensus by a penny. Revenue surged 25 percent, to $12.25 billion, but fell short of the consensus of $12.33 billion.

"As you heard from so many companies, the global economy is tough, and the consumer environment continues to be weak in many markets," Kraft's chairman and chief executive, Irene Rosenfeld, said in a call with analysts. "Nonetheless, we reported strong second-quarter earnings."

Read Full Article from Chicago Tribune

- Posted: 2010-08-05 21:26:39

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