Kraft Foods: organic net revenues up 2,3 percent in Q1/2009

Northfield / IL. (kf) Kraft Foods Inc. reported first quarter 2009 results driven by strong gains from operations. Organic net revenue growth reflected the impact of cost-driven pricing actions taken in 2008, together with better-than-expected volume/mix. Operating gains across nearly all business segments drove operating income growth, margin expansion and higher earnings per share. Summary:

• Net revenues declined 6,5 percent due to currency; organic net revenues up 2,3 percent.
• Operating income was up 18,8 percent; margin expanded 290 bps to 13,5 percent.
• Company reaffirmed 2009 EPS guidance of 1,88 USD.

«We have had a very solid start to the year, and we are on track to deliver our commitments», said Irene Rosenfeld, Chairman and CEO. «Our business momentum remains strong despite a challenging consumer environment. We are intensely focused on investing our cost savings to build our core brands, improve our product mix and drive superior retail execution. This will further enhance our profit margins and improve market shares as the year unfolds».

Info: Kraft Foods Reports Q1 EPS From Continuing Operations Up 29 Percent To 0,45 USD, Driven By Strong Operating Gains (complete news release).