Tags: kraft foods | earnings | profit | sales

Kraft Foods Quarterly Net Income Down, Revenue Barely Rises

Wednesday, 30 Jul 2014 06:19 PM

Kraft Foods Group Inc. said on Wednesday that its second quarter net income fell 42 percent from a year ago when the company benefited from a gain tied to employee pensions, and its sales barely increased as the company faced challenging consumer and economic trends.

The company said its net income fell to $482 million, or 80 cents per share, from $829 million, or $1.38 per share, a year ago. Analysts on average were expecting 82 cents a share, according to Thomson Reuters I/B/E/S.

Shares were down 2 percent in after-market trading.

Revenues rose 0.7 percent to $4.7 billion. Organic net revenues, which exclude currency effects, increased 1.5 percent, helped by the Easter holiday falling within the second quarter this year. The company's sales of cheese and refrigerated meals rose while beverage sales declined because of lower pricing.

"There's no question that economic and consumer trends are creating top-line growth challenges for the food and beverage industry, Kraft included," Kraft Chief Executive Tony Vernon said in a statement.

© 2017 Thomson/Reuters. All rights reserved.

 
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Kraft Foods Group Inc. said on Wednesday that its second quarter net income fell 42 percent from a year ago when the company benefited from a gain tied to employee pensions, and its sales barely increased as the company faced challenging consumer and economic trends.
kraft foods, earnings, profit, sales
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2014-19-30
Wednesday, 30 Jul 2014 06:19 PM
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