Kraft's profit rises as new products drive sales

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Associated Press

Posted on November 7, 2012 at 6:00 AM

Updated Wednesday, Nov 7 at 6:02 AM

NEW YORK (AP) — Kraft Foods says it net income rose 13 percent in the third quarter, as brands including Oscar Mayer and Philadelphia cream cheese drove sales and helped the company top Wall Street expectations.

The company, which also makes Velveeta, Maxwell House coffee and Miracle Whip, says it earned $470 million, or 79 cents per share. That's compared with $417 million, or 70 cents per share, a year ago.

Revenue rose 3 percent to $4.6 billion.

Analysts on average expected a profit of 69 cents per share on revenue of $4.54 billion.

The results are the first since Kraft Foods Group Inc., based in Northfield, Ill., split with its global snack food business. That company is called Mondelez International and is home to brands such as Oreo, Chips Ahoy and Nabisco.

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