Kraft Foods Beats, Affirms Outlook
November 7, 2012 by Trey Thoelcke
The food and beverage company posted adjusted earnings per share (EPS) of $0.79 on revenues of $4.60 billion for the third quarter. In the same period a year ago, before the company split, it reported $0.70 per share on revenues of $4.47 billion. This quarter’s results also compare to the Thomson Reuters estimates for EPS of $0.69 and $4.56 million in revenues.
Chief Financial Officer Tim McLevish said:
Our results demonstrate the extraordinary efforts and commitment of our people who continued to grow our businesses while enabling a seamless spin-off. As we look forward, we believe we’re well-positioned to continue our progress and deliver 2013 results consistent with what we’ve previously outlined.
The company is calling for full-year earnings of $2.60 per share and revenue growth in line with the rest of the North American food and beverage market. The Thomson Reuters forecast is for $2.79 per share on $18.83 billion in revenues.
Mondelez International Inc. (NASDAQ: MDLZ), the other part of the recent breakup, is on tap to share its third-quarter results later today. Analysts expect EPS to be down about 38% year-over-year to $0.36 and sales 34.5% lower to $8.66 billion.
Kraft shares are about 1.5% higher in premarket trading to $45.38. The post-IPO range is $42.00 to $48.00. Before this morning’s report, the mean price target was $48.95.
Mondelez shares are down about 2% in premarket trading to $25.97, in a post-IPO range of $24.32 to $28.48.
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