Kraft Confirms 2012 Targets, Sets Spin-Off Terms for Kraft and Mondelez

24/7 Wall St.

Kraft Foods Inc. (NASDAQ: KFT) has reported earnings of $ $0.58 EPS, but its operating earnings came to $0.68 EPS; revenue was down 4% to $13.3 billion on a net basis and the food giant said that its organic net revenues grew by 3.4%. Thomson Reuters had estimates of $0.66 EPS and $13.96 billion in sales.

The food giant’s spin-off of its North American Grocery business is now set for October 1, 2012. Kraft further said that it is confirming its 2012 guidance of approximately 5% organic net revenue growth and at least 9% Operating EPS growth on a constant currency basis.

As far as the negative revenues, the report blames negatives being due to a 5.0 percentage point headwind from currency and a negative 2.7 percentage point impact due to the benefit of accounting calendar changes in the prior year quarter. Operating earnings per share rose by…

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