Kraft Foods Inc. (KFT) reported that its third-quarter net earnings attributable to Kraft Foods were $824 million or $0.55 per share, compared to $1.362 billion or $0.91 per share in the same quarter last year.
Earnings from continuing operations for the quarter were $826 million, up from $520 million in the year ago quarter. On a per basis, net income from continuing operations for the quarter was $0.55, up from $0.34 last year.
Net revenues for the quarter were $9.80 billion, compared to $10.40 billion in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share on revenues of $10.32 billion for the quarter. Analysts' estimates typically exclude special items.
The company raised its 2009 earnings guidance to at least $1.97 from prior expectation of at least $1.93 per share. Analysts expect the company to report earnings of $1.97 per share for fiscal 2009.
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