Kraft raises 2007 earnings forecast
From Times Wire Services
Kraft Foods Inc. raised its 2007 earnings forecast, citing a lower-than-expected tax rate, the pace of share repurchases and increased confidence in its growth initiatives.
The largest North American packaged-foods maker said it expected 2007 earnings of $1.80 to $1.82 a share before one-time items. Its previous forecast was $1.75 to $1.80.
Northfield, Ill.-based Kraft, whose products include Oreo cookies and Oscar Mayer bacon, plans to spend an additional $300 million to $400 million in 2007 on product development and marketing.
