(Kraft earnings article updated with stock price movement.)

NORTHFIELD, Ill. (

TheStreet

) --

Kraft

(KFT)

Tuesday reported fourth-quarter earnings that beat analysts' expectations as it continues to target the high-end of its long-term growth objectives for earnings per share.

Kraft plans to continue to target organic net revenue growth of 4% or more and the high-end of its 7% to 9% long-term earnings per share growth objective. It also expects to restore operating income margins to industry benchmarks in the mid-teens by 2011.

The company says Kraft and

Cadbury

(CBY)

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as a combined entity is targeting long-term organic net revenue growth of 5% or more.

For the fourth quarter, Kraft posted earnings of $710 million, or 48 cents a share, compared with $178 million, or 12 cents a share, the previous year; net revenue increased 3.2% to $11 billion. Improved volumes were a significant contributor to growth during this period.

The Wall Street consensus forecast for the fourth quarter was earnings of 45 cents a share on revenue of $11.07 billion.

Kraft stock has fallen 0.8% to $28.86 approachin the closing bell.

-- Reported by Andrea Tse in New York

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