Kraft Foods (KFT) Sees FY11 Sales Growth of 10%, EPS Above Street's Expectations
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Selling, general and administrative expenses: 1.55B
Today's EPS Names:
EDXC, BICX, FBPI, More
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Kraft Foods Inc. (NYSE: KFT) today reported that strong fourth quarter sales will lead to strong fiscal 2011 results, consistent with the company's previous outlook.
Net revenue for full year 2011 is expected to have grown approximately 10 percent. Organic Net Revenue is expected to increase approximately 6.5 percent, compared to a previous outlook of at least 6 percent, driven by mid-single-digit organic growth in North America and Europe, and double-digit organic growth in Developing Markets. The Street forecasts total sales of $14.85 billion for Q4 and $54.38 billion for the full year.
Diluted earnings per share are expected to be at least $1.95. Operating EPS, which excludes acquisition-related[2] costs, Integration Program[3] costs, and costs related to the spin-off of the North American Grocery business, is expected to be at least $2.28, including a negative $0.01 impact from currency in the fourth quarter. The previous outlook for Operating EPS was at least $2.27 excluding any potential impact from currency in the fourth quarter. The Street forecasts EPS of $0.57 for Q4 and $2.27 for FY11.
The company plans to release its full 2011 financial results, issue its outlook for 2012 and provide an update on its plan to create two independent companies on Feb. 21, 2012.
"We finished 2011 with strong business momentum in each of our geographies," said Irene Rosenfeld, Chairman and CEO. "Our virtuous cycle of investment continues to pay off around the world, despite a difficult operating environment. We expect our 2011 results will place us solidly among the top-tier of our peer group, and we remain on track to launch two industry-leading companies in 2012."
Net revenue for full year 2011 is expected to have grown approximately 10 percent. Organic Net Revenue is expected to increase approximately 6.5 percent, compared to a previous outlook of at least 6 percent, driven by mid-single-digit organic growth in North America and Europe, and double-digit organic growth in Developing Markets. The Street forecasts total sales of $14.85 billion for Q4 and $54.38 billion for the full year.
Diluted earnings per share are expected to be at least $1.95. Operating EPS, which excludes acquisition-related[2] costs, Integration Program[3] costs, and costs related to the spin-off of the North American Grocery business, is expected to be at least $2.28, including a negative $0.01 impact from currency in the fourth quarter. The previous outlook for Operating EPS was at least $2.27 excluding any potential impact from currency in the fourth quarter. The Street forecasts EPS of $0.57 for Q4 and $2.27 for FY11.
The company plans to release its full 2011 financial results, issue its outlook for 2012 and provide an update on its plan to create two independent companies on Feb. 21, 2012.
"We finished 2011 with strong business momentum in each of our geographies," said Irene Rosenfeld, Chairman and CEO. "Our virtuous cycle of investment continues to pay off around the world, despite a difficult operating environment. We expect our 2011 results will place us solidly among the top-tier of our peer group, and we remain on track to launch two industry-leading companies in 2012."
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