NORTHFIELD, Ill. (AP) — Kraft Foods Inc.'s second-quarter profit jumped more than 5 percent despite a drop in sales as higher prices helped offset rising raw-materials costs and unfavorable currency exchange rates.
The food maker reported that it earned $1.03 billion, or 58 cents per share, for the quarter. That's up from $976 million, or 55 cents per share, last year.
Adjusting for one-time items, Kraft earned 68 cents per share versus 62 cents. That topped the 66 cents a share expected by Wall Street.
Revenue fell 4 percent to $13.29 billion, below expectations.
Kraft said it is standing by its previously issued forecast for its yearly profit.
The company is splitting its business into an international snacks business and North American grocery business. It expects to complete the spinoff on Oct. 1.