January 9, 2004 |
Kraft Foods Inc. outlined a corporate overhaul to try to snap out of a protracted slump in sales and new products, reorganizing its business units and shifting to a more global focus as a way to become more nimble and better positioned for worldwide growth. The shake-up was announced by Chief Executive Roger Deromedi, who signaled his intent to take Kraft in a new direction just three weeks after being given sole control of the biggest U.S. food company.
July 25, 2006 |
Kraft Foods Inc. said second-quarter profit rose 44% after it increased prices on meats and coffee. Net income climbed to $682 million, or 41 cents a share, Northfield, Ill.-based Kraft said. Profit a year earlier was $472 million, or 28 cents, after the sale of candy operations to Wm. Wrigley Jr. Co. reduced earnings by 17 cents a share. Revenue grew 3.4% to $8.62 billion. Chief Executive Roger Deromedi was ousted June 26 after Kraft's results trailed those of rivals Kellogg Co.
October 19, 2005 |
Kraft Foods Inc. posted lower third-quarter earnings and cut its full-year profit outlook, pressured by rising costs for packaging, fuel and ingredients such as nuts. The maker of Oreo cookies and Jell-O pudding also said it was considering more price increases to try to offset rising costs. Kraft now expects commodity costs to be up $800 million from last year, more than three times its initial expectations. The largest U.S.
February 13, 2007 |
Blackstone Group agreed to buy Pinnacle Foods Group Inc. on Monday for $2.2 billion including debt, becoming the third private equity firm in four years to own the maker of Duncan Hines cake mixes and Hungry Man frozen dinners. Blackstone, based in New York, is acquiring Pinnacle of Cherry Hill, N.J., from CCMP Capital Advisors, the companies said. Blackstone didn't say how much debt was involved. Pinnacle, which has annual gross sales of about $2.
April 20, 2004 |
Kraft Foods Inc. on Monday said its first-quarter profit tumbled 34% amid continuing restructuring costs and sluggish sales volume at the nation's largest food company. Net income fell to $560 million, or 33 cents a share, down from $848 million, or 49 cents, for the same period in 2003. Excluding charges totaling 12 cents a share for restructuring, the company said earnings would have been 45 cents a share -- 2 cents better than the consensus estimate of analysts surveyed by Thomson First Call.
July 20, 2004 |
Kraft Foods Inc., the largest U.S. food maker, said Monday that second-quarter earnings fell 26%, their fourth straight drop, because of higher ingredient and marketing costs. The company cut its 2004 profit forecast. Net income declined to $698 million, or 41 cents a share, from $949 million, or 55 cents, a year earlier, the Northfield, Ill.-based company said. Sales rose 4.7% to $8.2 billion, helped by a weaker U.S. dollar.