Kraft Foods 2Q Profits Fall 42 Percent
NORTHFIELD, Ill. (AP) — Kraft Foods Group Inc. on Wednesday reported net income that declined by 42 percent in its second quarter, and missed analysts' expectations.
The Northfield, Illinois-based company said earnings fell to $482 million, or 80 cents per share, from $829 million, or $1.38 per share, in the same quarter a year ago. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of 83 cents.
The company posted revenue of $4.75 billion compared with $4.72 billion in the same quarter a year earlier, and missed Wall Street estimates. Analysts expected $4.88 billion, according to Zacks.
Kraft Foods shares have climbed $3.33, or 6.2 percent, to $57.24 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.6 percent. The stock has increased 66 cents, or 1.2 percent, in the last 12 months.