KRAFT Foods posted higher-than-expected quarterly sales and profit after its acquisition of chocolate maker Cadbury as sales beat expectations.
But the largest North American food maker also said yesterday it expected full-year earnings of $2 a share, below analyst estimates of $2.06 a share. Reported profit was $1.89bn, or $1.16 a share, including discontinued operations and other items.
Sales rose 7.3 per cent to $11.32bn, above the average analyst estimate of $10.95bn. For 2011, the company said organic revenue would meet its long-term target for a rise of at least five per cent.