|
Kraft posts 4Q gain
|
 |
January 29, 2002: 5:12 p.m. ET
The food maker meets analyst expectations; expects gains in 2002.
|
NEW YORK (CNN/Money) - Kraft Foods Inc. posted a gain in its fourth-quarter earnings Tuesday, as the company increased productivity across its businesses.
Shares of Kraft (KFT: up $0.32 to $34.04, Research, Estimates) gained in after-hours trading after the company said its diluted per-share earnings were up 10.3 percent to 32 cents in the fourth-quarter compared to 29 cents in the same period the prior year. Earnings were in line with analyst estimates, according to tracking firm First Call.
The maker of Philadelphia cream cheese and Oreo cookies said net earnings gained 32 percent to $548 million from $415 million in the same quarter a year earlier and its worldwide volume was up 29.8 percent.
"In the fourth quarter, we achieved a strong increase in earnings driven by good volume growth across most of our businesses, significant productivity and synergy savings, and lower interest expense," said Roger K. Deromedi, Co-CEO of Kraft.
The company's operating revenue rose to $8.76 billion from $6.88 billion a year earlier.
Click here for food and beverage stocks.
For the year, Kraft's earnings declined 15.2 percent to $1.17 per share.
Deromedi said the company's performance should remain strong in 2002 and projected a 14 percent to 16 percent gain in earnings per share to $2.00 to $2.05. 
|
|
|
|
|
|
|
