Kraft's profit rises as cost cuts offset sales dip
Kraft reported a higher quarterly profit as cost-cutting helped offset a decline in revenue.
The maker of Lunchables, Oscar Mayer and Velveeta partly attributed the decline to the timing of Easter-related shipments, which were pushed into the second quarter this year instead of the first.
The company, based in Northfield, has been working to refresh the images of brands such as Jell-O and Kool-Aid after its split from Mondelez International.
For the January to March period, Kraft Foods Group Inc. earned $513 million, or 85 cents per share. Not including one-time items, it earned 78 cents per share. Wall Street expected 76 cents per share.
A year ago, it earned $456 million, or 76 cents per share.
Revenue fell to $4.36 billion, short of the $4.47 billion analysts expected.