Kraft Foods Profit Rises on Lower Costs
From Bloomberg News
Kraft Foods Inc., the biggest U.S. food manufacturer, said first-quarter profit rose 22%, helped by lower ingredient and labor costs and demand for new products.
Net income increased to $848 million, or 49 cents a share, from $693 million, or 40 cents, a year earlier, the company said. Sales rose 3% to $7.36 billion.
The company said it expects profit this year to rise 4% to 6% to $2.10 to $2.15 a share.
Shares of Northfield, Ill.-based Kraft rose 85 cents to $29.70 in after-hours trading, after closing down 21 cents at $28.85 on the NYSE before results were announced.
