UPDATE: Kraft Foods Posts Drop In Q4 Earnings, Lifts 2013 Forecast

Kraft Foods Group

reported a drop in its fourth-quarter net earnings. Kraft Foods' quarterly profit declined to $89 million, or $0.15 per share, versus $319 million, or $0.54 per share, in the year-ago period. 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.