Kraft Foods profit beats Street, shares rise

Thursday, May 2nd, 2013 | Finance News

(Reuters) - Kraft Foods Group Inc reported quarterly earnings that far exceeded Wall Street estimates on Thursday, sending its shares higher.

The U.S. maker of Maxwell House coffee, Oscar Mayer lunch meat and Planters nuts said net income was $456 million, or 76 cents per share, in the first quarter, down from $483 million, or 82 cents per share, a year earlier.

Net revenue rose to $4.55 billion.

Analysts on average were expecting earnings of 64 cents per share and revenue of $4.48 billion, according to Thomson Reuters I/B/E/S.

The company stood by its 2013 outlook calling for earnings of $2.75 per share on organic revenue growth in line with that of the North American food and beverage market.

Shares of the company rose 57 cents, or 1 percent, to $51.10 in after-hours trading. They closed at $50.53 on the New York Stock Exchange.

(Reporting by Martinne Geller in New York; Editing by Bernard Orr)