UPDATE: Kraft Foods Expects Drop In Q4 Earnings, Lifts 2013 Forecast
Kraft Foods Group (NASDAQ: KRFT) offered an update to its Q4 this morning.
Kraft Foods' quarterly profit is expected to decline to $89 million, or $0.15 per share, versus $319 million, or $0.54 per share, in the year-ago period. The figure includes a one-time, non-cash charge of approximately $0.24 per share due to the market-based impact from post-employment benefits, approximately $0.14 per share of Restructuring Program charges and $0.04 per share of unrealized losses from hedging activities. Its operating income declined 49% to $260 million.
Its revenue dropped 11% to $4.49 billion from $5.03 billion. However, analysts were expecting earnings of $0.23 per share on revenue of $4.75 billion.
For 2013, Kraft Foods now projects earnings of $2.75 per share, versus its prior view of $2.60 per share.
Kraft Foods shares closed at $47.16 yesterday.
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