Kraft Posts Profit Drop, Cites Commodity Costs

Kraft Foods Inc. posted lower third-quarter profit, weighed down by increased costs for commodities like cheese and coffee.

Kraft posted profit of $779 million, or 46 cents a share, compared with $810 million, or 47 cents, a year earlier. Sales rose 4.7% to $7.83 billion.

Kraft shares closed up 19 cents at $32.33 on the New York Stock Exchange, before the earnings were reported.