Packaged foods giant Kraft Foods Group Inc. (KRFT) on Wednesday posted better-than-expected third quarter earnings results in its first report following an Oct. 1 move to spin off its international operations.
The Northfield, IL-based company reported third quarter net income of $470 million, or 79 cents per share, compared with $417 million, or 70 cents per share, in the year-ago period.
Revenue gained 3% from last year to $4.6 billion.
On average, Wall Street analysts expected a much smaller profit of 69 cents per share, on lower revenue of $4.54 billion.
Looking ahead, KRFT said it still expects full-year 2012 earnings of $2.60 per share.
Kraft Foods shares rose $1.30, or +2.9%, in premarket trading Wednesday.
The Bottom Line
We are waiting for official dividend data to put forth our ratings on this U.S. Based food conglomerate.
Kraft Foods Group Inc. (KRFT) is not currently rated by Dividend.com.
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