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Kraft Foods delivers ‘strong earnings’ in Q2
Kraft Foods has reported strong second-quarter 2010 earnings that reflected increased gross profit margins and significant brand-building investments in every geography.
“We delivered strong earnings in the quarter and the first half of the year, despite difficult conditions in many markets that tempered top-line growth,” said Irene Rosenfeld, chairman and CEO. “We’re making excellent progress on the Cadbury integration and expect to realise even greater synergies.
“In light of our strong earnings momentum, we will reinvest our 2010 upside to build our brands and to harmonise business practices. We will deliver at least $2.00 of Operating EPS this year while building a stronger foundation to achieve top-tier growth in 2011.”
Highlights
- Net revenues grew 26.0% to $11.3bn. Combined Organic Net Revenues grew 3.9%, reflecting 3.3% organic net revenue growth of Kraft Foods’ base business, and 8.2% organic net revenue growth of Cadbury.
- Diluted EPS was $1.16. Operating EPS was $0.49, up 19.5%.
- 2010 Diluted EPS expected to be at least $2.35. Operating EPS at least $2.00.
Read the full Kraft statement here.
Source: Kraft Foods
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