CHICAGO, May 6 (Reuters) - Kraft Foods Inc posted higher-than-expected quarterly sales and profit after its acquisition of chocolate maker Cadbury Plc as sales beat expectations.
But the largest North American food maker also said it expected full-year earnings of $2 a share before one-time items, below analyst estimates of $2.06 a share compiled by Thomson Reuters I/B/E/S.
Kraft, which makes brands ranging from Oreo cookies to Oscar Mayer lunch meat, said profit before items was 49 cents a share in the first quarter, up 19.5 percent from a year earlier. Analysts on average forecast 45 cents, according to Thomson Reuters I/B/E/S.
Reported profit was $1.89 billion, or $1.16 a share, including discontinued operations and other items.
Sales rose 7.3 percent to $11.32 billion, above the average analyst estimate of $10.95 billion.
For 2011, the company said organic revenue -- excluding divestitures, currency fluctuations and smaller acquisitions -- would meet its long-term target for a rise of at least 5 percent.
Earlier this year, Kraft bought Cadbury for $18.4 billion after a hostile takeover battle. In March, Kraft completed the $3.7 billion sale of its pizza business to Nestle.
Shares rose 9 cents after-hours to $29.30.
(Reporting by Brad Dorfman; Editing by Steve Orlofsky, Bernard Orr)
((bradley.dorfman@thomsonreuters.com; +1 312 408 8133; Reuters Messaging: bradley.dorfman.reuters.com@reuters.net; )) Keywords: KRAFTFOODS/ (See http://blogs.reuters.com/shop- talk/ for Shop Talk -- Reuters' retail and consumer blog.) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
But the largest North American food maker also said it expected full-year earnings of $2 a share before one-time items, below analyst estimates of $2.06 a share compiled by Thomson Reuters I/B/E/S.
Kraft, which makes brands ranging from Oreo cookies to Oscar Mayer lunch meat, said profit before items was 49 cents a share in the first quarter, up 19.5 percent from a year earlier. Analysts on average forecast 45 cents, according to Thomson Reuters I/B/E/S.
Reported profit was $1.89 billion, or $1.16 a share, including discontinued operations and other items.
Sales rose 7.3 percent to $11.32 billion, above the average analyst estimate of $10.95 billion.
For 2011, the company said organic revenue -- excluding divestitures, currency fluctuations and smaller acquisitions -- would meet its long-term target for a rise of at least 5 percent.
Earlier this year, Kraft bought Cadbury for $18.4 billion after a hostile takeover battle. In March, Kraft completed the $3.7 billion sale of its pizza business to Nestle.
Shares rose 9 cents after-hours to $29.30.
(Reporting by Brad Dorfman; Editing by Steve Orlofsky, Bernard Orr)
((bradley.dorfman@thomsonreuters.com; +1 312 408 8133; Reuters Messaging: bradley.dorfman.reuters.com@reuters.net; )) Keywords: KRAFTFOODS/ (See http://blogs.reuters.com/shop- talk/ for Shop Talk -- Reuters' retail and consumer blog.) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.