The foodmaker’s profit jumps 11 percent.
Press Release Service – Wired PR News – Kraft Foods Inc. posted higher quarterly profits than anticipated recently. As reported by Reuters, the company also raised its forecast for the full-year, with some analysts attributing the 11 percent profit increase to restructuring changes made in the past few years.
As noted in the report, Kraft shares saw a 1.4 percent decline late Tuesday following previous increases in July after the release of the report. Edward Jones analyst Matt Arnold is quoted by Reuters as stating of late trading decline, “Investors expected Kraft to probably beat expectations this quarter as well, and also raise their outlook.”
As further noted by the AP, Kraft Chief Executive Officer Irene Rosenfeld attributes an increase in sales of some of the company’s products to an increase in the number of family meals eaten at home spurned by the recession. Kraft is the largest foodmaker in North America.
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