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Kraft Foods Group, Inc. Message Board

  • bluecheese4u bluecheese4u Feb 15, 2013 8:18 AM Flag

    KRAFT FOODS GROUP PROVIDES FINANCIAL UPDATE AND ANNOUNCES CHANGE IN POST-EMPLOYMENT BENEFIT STRATEGY

    KRAFT FOODS GROUP PROVIDES FINANCIAL UPDATE AND ANNOUNCES CHANGE IN POST-EMPLOYMENT BENEFIT STRATEGY

    • Kraft expects approximately $0.15 EPS for Q4 2012, including the impact of post-employment benefit1 changes

    • Q4 2012 net revenue lower than previously anticipated

    • 2013 EPS guidance adjusted to approximately $2.75 per diluted share from prior outlook of approximately $2.60 per diluted share

    • Final 2012 results and updated historical financials to be issued by March 29

    NORTHFIELD, Ill. – Feb. 15, 2013 – Kraft Foods Group, Inc. (NASDAQ: KRFT) today updated its financial outlook for fourth quarter 2012 and full year 2013. Fourth quarter results will reflect the impact of greater-than-anticipated trade inventory reductions, offset by strong gains from cost-savings measures. The company also announced a new, comprehensive strategy for post-employment benefits designed to improve transparency, simplify accounting, and reduce funding volatility.

    “We continue to make important changes to re-make Kraft into an industry leader that delivers steady, growing shareholder returns,” said Tony Vernon, CEO of Kraft. “While we weren’t satisfied with our revenue in the fourth quarter, our innovation, productivity and overhead cost reduction programs are paying off. This enabled a double-digit increase in advertising, solid profit from operations and sizable cash flow. We’re off to a strong start so far this year and we remain well-positioned to drive profitable growth in 2013 and beyond.”

    1 Post-employment benefits refer to the company’s pension, post-retirement and post-employment obligations.

    secDOTgov/Archives/edgar/data/1545158/000119312513061466/d487088dex991.htm

 
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