Kraft Foods Group Inc. (KRFT) reported that its first-quarter net earnings fell 5.6 percent to $456 million or $0.76 per share, from $483 million or $0.82 per share in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.
The company in a statement said that the first quarter results included $0.12 per share of restructuring program charges.
Operating income in the current quarter increased 9.2 percent to $809 million. Operating income growth reflected gains from productivity, overhead cost savings, improved product mix and volume growth, said Kraft.
Meanwhile, net revenues for the quarter rose to $4.54 billion from $4.45 billion in the prior year quarter. Ten analysts had consensus revenue estimate of $4.49 billion for the quarter.
The company reaffirmed its full-year 2013 guidance. The company still expects Organic Net Revenue growth in line with growth of the North American food and beverage market. The company continues to anticipate GAAP earnings per share of approximately $2.75, and Free Cash Flow equal to approximately $1 billion.
Analysts expect the company to report earnings of $2.78 per share for fiscal 2013.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.