As previously announced, Kraft Foods plans to spin-off its North American grocery business, to be named Kraft Foods Group on 1 October. Following the spin-off, Kraft Foods will be renamed Mondelez International.
Rosenfeld said: “As our results show, we’ve significantly changed the trajectory of our business to deliver sustainable, profitable growth. With the spin-off of our North American grocery business, we’re now ready to unleash a global snacking powerhouse that’s poised to deliver top-tier revenue and earnings growth.”
Dave Brearton, executive vice president and CFO, highlighted the company’s growth algorithm and financial targets. “Over the long term, we’re targeting organic revenue growth of 5-7% and double-digit Operating EPS growth on a constant-currency basis. These rates are higher than our previous long-term targets for Kraft Foods prior to the spin.”
Brearton added: “For 2013, we expect to deliver results that are consistent with our long-term profile, specifically, organic net revenue growth of 5-7% and Operating EPS of $1.50 to $1.55, including a significant foreign exchange headwind of about 15¢ versus 2011 currency rates.”
Source: Kraft Foods
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