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Kraft Foods Group Inc (NASDAQ: KRFT) posted a 10 percent decline in third-quarter earnings Wednesday that the company attributed partly to a charge for post-employment benefits.
Revenue was nearly flat as higher prices offset significantly higher commodity costs.
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Results met expectations, but Kraft lost 2.5 percent in the extended session, trading at $55.50 per share.
Chief Executive Antonio J. Lucio said the company is "on track to deliver earnings growth" in line with earlier guidance "despite a rapidly changing consumer environment."
But Lucio said free cash flow of $554 million year to date has been "held back" by a combination of higher inventory levels as well as a reduction in accrued liabilities.
The recent post-employment benefits charge amounted to $110 million, or $0.03 per share, versus a year-earlier gain of $0.18 per share on a related item.
Net earnings fell to $446 million, or $0.74 per share, from $500 million, or $0.83 per share a year earlier. Revenue totaled $4.4 billion, versus $4.39 billion last year.
Analysts expected $0.74 per share on revenue of $4.47 billion.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.