Kraft Foods trumps forecasts

Kraft Foods reported quarterly earnings that far exceeded Wall Street estimates yesterday, sending its shares higher. The US maker of Maxwell House coffee, Oscar Mayer lunch meat and Planters nuts said net income was $456m (£293m), or 76 cents per share, in the first quarter, down from $483m, or 82 cents per share, a year earlier. Net revenue rose to $4.55bn. Analysts on average were expecting earnings of 64 cents per share.

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