NORTHFIELD, Illinois — Kraft Foods Group Inc. (KRFT) on Tuesday reported first-quarter earnings of $429 million.
The Northfield, Illinois-based company said it had net income of 72 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 86 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The maker of Oscar Mayer meats, Jell-O pudding and Velveeta cheese posted revenue of $4.35 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $4.44 billion.
Kraft shares have risen 37 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 3 percent. In the final minutes of trading on Tuesday, shares hit $85.88, an increase of 50 percent in the last 12 months.
Keywords: Kraft Foods, Earnings Report