Kraft Foods Stocks
February 27, 2012 by staff
Kraft Foods Stocks, Kraft Foods Inc. (KFT) posted fourth-quarter 2011 operating EPS of 57 cents per share, which was in-line with the Zacks Consensus Estimate. However, it went up 23.9% from 47 cents reported in the prior-year quarter.
In fiscal year 2011, Kraft delivered operating EPS of $2.29 per share, in-line with the Zacks Consensus Estimate, while beating the year-ago period by 13.4%.
The results of fourth quarter 2011 exclude the integration program costs of 8 cents per share and spin-off costs of 2 cents per share, while the fiscal 2011 earnings exclude the integration program costs of 28 cents per share and spin-off costs of 2 cents per share. The fourth quarter of 2010 also excludes the integration program costs of 15 cents per share, while the fiscal year 2010 excludes gain from discontinuing operations of 95 cents, acquisition-related expenses and costs of 21 cents, integration program costs of 29 cents and other health care legislation impact of 8 cents per share.
Including the one-time charges, reported earnings were 47 cents per share in the fourth quarter 2011, up 51.6%. However, reported earnings declined 16.7% to $1.99 per share in fiscal 2011.
Management credited the robust sales growth, effective cost management and prudent investments in the company’s iconic brands for strong results in the quarter. Kraft also remained in-line with its long-term growth targets.
Following the strong results, Kraft expects its 2012 operating earnings to grow at least 9%, despite a higher effective tax rate and a 4 percentage point headwind from higher pension costs.
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