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  • bluecheese4u bluecheese4u Aug 2, 2012 4:38 PM Flag

    Kraft Foods Reports Strong Q2 And First Half Results; Plans To Spin Off

    Kraft Foods Reports Strong Q2 And First Half Results; Plans To Spin Off North American Grocery Business On October 1

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    Q2 Net revenues fell 4.3% to $13.3 billion; Organic Net Revenues(1) grew 3.4%

    Q2 Operating Income increased 4.0%; Adjusted Operating Income(1) grew 8.3%

    Q2 Diluted EPS was $0.58; Operating EPS(1) was $0.68, up 9.7%

    First half net revenues declined 0.3%; Organic Net Revenues grew 4.9%

    First half Diluted EPS was $1.03; Operating EPS was $1.25, up 9.6%

    Company confirms 2012 guidance of approximately 5% Organic Net Revenue growth and at least 9% Operating EPS growth on a constant currency basis

    NORTHFIELD, Ill., Aug. 2, 2012 /PRNewswire/ -- Kraft Foods Inc. (NASDAQ: KFT) today reported second quarter and first half 2012 results that reflected strong growth in Power Brands, favorable pricing, significant productivity gains and aggressive overhead cost management in each geography. The company also announced its intention to spin off the North American Grocery business on Oct. 1.

    "Our second quarter and first half results reflect the success of our brand-building investments over the past few years and the resilience of our businesses," said Irene Rosenfeld, Chairman and CEO. "As we embark on our journey as two industry-leading, independent companies, I'm confident that both companies have the brands, the executional capability, and the leadership teams to succeed in their respective missions."

    Net revenues in the second quarter were $13.3 billion, down 4.3 percent due to a 5.0 percentage point headwind from currency and a negative 2.7 percentage point impact due to the benefit of accounting calendar changes in the prior year quarter. Organic Net Revenues increased 3.4 percent, driven by nearly 6 percent growth from Power Brands. Favorable pricing of 4.0 percentage points was partially offset by 0.6 percentage points from lower volume/mix. However, volume/mix was negatively affected by 1.2 percentage points from the shift of Easter-related shipments into the first quarter and by 0.5 percentage points from product pruning in North America.

    For the first half of 2012, net revenues fell 0.3 percent, while Organic Net Revenue increased 4.9 percent. Volume/mix contributed 0.2 percentage points despite substantial pricing and a negative 0.5 percentage point impact from product pruning. Power Brands increased more than 8 percent.

    Operating income in the second quarter was $1.9 billion, and operating income margin increased 1.1 percentage points to 14.1 percent. Adjusted Operating Income

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