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Kraft Foods (KFT Quote) shares rose 2% Wednesday after the food giant's earnings beat forecasts, even though profits tumbled amid soaring costs.
For the third quarter, Kraft's earnings fell to $596 million, or 38 cents a share, from $748 million, or 45 cents a share, a year earlier.
The year-ago results were boosted by a gain on an asset sale, while current-quarter results included restructuring-related charges. But even excluding one-time items, earnings per share still fell to 44 cents from 46 cents.
Analysts, on average, expected earnings of 42 cents a share, before items. ...
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