Kraft Foods 4Q profit more than triples, sales up

[February 16, 2010]  NORTHFIELD (AP) -- Kraft Foods says its fourth-quarter profit more than tripled as business improved in developing markets on price hikes and volume growth.

The food maker, which is buying Cadbury, also expects long-term earnings growth at the high end of its previous guidance.

Kraft, whose brands include Maxwell House and its namesake, says profit surged to $710 million, or 48 cents per share, for the period ended Dec. 31. That's up from $178 million, or 12 cents per share, a year ago.

Analysts expected a smaller profit of 45 cents per share.

Kraft says sales rose 3 percent to $11 billion, but missed Wall Street's $11.07 billion estimate.

[Associated Press]

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