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.
Latest from Quality Assurance & Food Safety
- Director General of IICA and Senior USDA Officials Meet to Advance Shared Agenda
- EFSA and FAO Sign Memorandum of Understanding
- Ben Miller Breaks Down Federal Cuts, State Bans and Traceability Delays
- Michigan Officials Warn Recalled ByHeart Infant Formula Remains on Store Shelves
- Puratos USA to Launch First Professional Chocolate Product with Cultured Cocoa
- National Restaurant Association Announces Federal Policy Priorities
- USDA Offloads Washington Buildings in Reorganization Effort
- IDFA Promotes Andrew Jerome to VP of Strategic Communications and Executive Director of Foundation
