New Kraft's (KRFT) Q3 "Carve-Out" Report Beats Consensus

Shares of recent spin-off Kraft Foods Group (Nasdaq: KRFT), aka "New Kraft", are ticking higher pre-market on Wednesday following the release of its Q3 earnings. On October 1st, Kraft split with Modelez International (Nasdaq: MDLZ) and financial statements were prepared on a "carve-out" basis.

For the quarter, Kraft reported revenue of $4.61 billion, slightly ahead of estimates that called for revenue of $4.56 billion. Kraft natural cheese Philadelphia and Velveeta drove strong volume gains, and 3.2 percent organic revenue growth helped boost quarterly performance.

Kraft reported Q3 EPS of $0.79. Analysts were calling for EPS of $0.69.

Commenting on the report, Tim McLevish, EVP and CFO, said "As we look forward, we believe we're well-positioned to continue our progress and deliver 2013 results consistent with what we've previously outlined."

Kraft confirmed its guidance for 2013, including organic GAAP EPS of approximately $2.60 and free cash flow equal to approximately 70 percent of GAAP net income.

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