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.