Kraft Profits Rise 10%, Reaffirms Outlook

The maker of Oreo cookies earned 45 cents a share in the first quarter, topping the estimate of analysts.
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First-quarter earnings at

Kraft Foods

(KFT)

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.