NORTHFIELD, Ill. — Food maker Kraft Foods on Wednesday raised its 2007 earnings guidance, citing a lower-than-expected tax rate, the pace of its stock buyback program and management's confidence in Kraft's growth initiatives.
At the Lehman Brothers Back-to-School Consumer Conference in Boston, Kraft Chairman and Chief Executive Irene Rosenfeld said Kraft now expects earnings per share between $1.60 and $1.62, or between $1.80 and $1.82 excluding one-time charges and gains.
The maker of Nabisco cookies, Oscar Mayer meats and Post cereals had previously expected to earn $1.55 to $1.60 per share, or $1.75 to $1.80 excluding items.
Analysts polled by Thomson Financial forecast 2007 earnings per share of $1.80. Analyst estimates typically exclude one-time special items.
Read the full Associated Press story here.
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