Kraft beats earnings expectations
Kraft Foods Group, Inc. beat analysts’ expectations in the first quarter of 2013 after the food giant split from its global snack business. Kraft, which owns Oscar Mayer in Madison, increased sales and cut costs, earning $456 million (76 cents/share) compared to $483 million (82 cents/share) a year ago. Revenue increased 2% to $4.55 billion, and operating income rose to $809 million. On average, Wall Street expected a profit of 63 cents per share on revenue of $4.49 billion.