Kraft Foods Inc reported first quarter 2009 results driven by strong gains from operations.
“We’ve had a very solid start to the year, and we’re on track to deliver our 2009 commitments,” said Irene Rosenfeld, chairman and chief executive officer. “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.”
Net revenues declined 6.5 percent to $9.4 billion, including the unfavorable impact of 7.9 percentage points from currency and 0.9 percentage points from divestitures.
Operating income increased 18.8 percent from the prior year to $1,268 million. Operating income margin increased 290 basis points year-over-year to 13.5 percent.
Earnings per share were $0.45, up from $0.39 in first quarter 2008.
