Kraft's 4Q revenue misses Wall Street expectations

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Associated Press

Posted on February 13, 2014 at 3:01 PM

NEW YORK (AP) — Kraft reported a higher quarterly profit boosted by market-based impacts tied to its retirement plans, but its sales fell short of Wall Street expectations.

The maker of Oscar Mayer meats and Jell-O pudding said its core revenue during the period rose 3.2 percent. The company noted that a recall of its string cheese hurt its cheese unit.

For the fourth quarter ended Dec. 28, Kraft earned $931 million, or $1.54 per share, including a $1.11 per share benefit tied to its retirement plans.

Analysts expected 61 cents per share, excluding one-time items.

A year earlier, Kraft earned $90 million, or 15 cents per share.

Revenue rose to $4.6 billion, but was shy of the $4.63 billion Wall Street expected.

Kraft Foods Group Inc. is based in Northfield, Ill.

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