Kraft reports ... falls

Kraft Foods Q3 Profit Falls on Higher Costs; Sales Jump (KFT)


Packaged foods giant Kraft Foods Inc. (KFT) late Thursday said its third quarter profit fell 8.5% from last year, despite higher revenue, as higher materials costs weighed on results.

The Northfield, IL-based company reported third quarter net income of $754 million, or 43 cents per share, or 47 cents per share on an adjusted basis. On average, Wall Street analysts expected a smaller profit of 45 cents per share.

Sales surged 26% from last year to $11.9 billion, mainly helped by the company’s recent acquisition of candy maker Cadbury.

Looking ahead, the company reiterated its full-year 2010 earnings forecast of $2 per share.

Kraft Foods shares fell 49 cents, or -1.5%, in premarket trading Friday.

Comment: I bought it at $ 28.73 / now trading at $ 30.80. I still regard it (KFT) as a good dividend paying stock. I am holding.

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