First-quarter earnings at
rose 10% to $660 million, or 45 cents a share, and the maker of Oreo cookies and Maxwell House coffee reaffirmed it will achieve 2009 organic net revenue growth of about 3% and earnings of $1.88 a share.
Revenue in the quarter fell to $9.4 billion from $10.05 billion a year earlier.
Organic revenue growth in the quarter was 2.3%, reflecting the "impact of cost-driven pricing actions taken in 2008, together with better-than-expected volume/mix," Kraft said in a statement Tuesday.
Analysts surveyed by Thomson Reuters expected Kraft to earn 40 cents a share in the first quarter and estimate it will earn $1.88 a share in 2009. First-quarter revenue was seen at $9.67 billion.