Kraft profit falls nearly 40 percent in Q3

Tuesday, November 03, 2009 4:56 PM

(Source: Associated Press/AP Online) tracking

NORTHFIELD, Ill. - Kraft Foods says slower sales and lower prices on food cut its third-quarter profit nearly 40 percent from a year earlier, but the company raised its forecast for the year.

Kraft said Tuesday that it earned $824 million, or 55 cents per share for the quarter. That's down from $1.36 billion or 91 cents per share last year, which included income from some operations that have been discontinued.

Revenue fell nearly 6 percent to $9.8 billion.

Kraft executives "remain interested" in a possible offer for UK candy company Cadbury PLC but CEO Irene Rosenfeld's statement gave no details on price or timing for an offer.

Analysts expected the company to earn 48 cents per share on revenue of $10.32 billion.

A service of YellowBrix, Inc.

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