Kraft Foods (NYSE: KFT) said Tuesday that slower sales, lower retail food prices and the comparison with a gain a year ago helped cut its third-quarter profit 40 percent, according to Associated Press.
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However, the company raised its forecast for the year.
The company said it remains interested in a possible offer for UK candy company Cadbury PLC (NYSE: CBY) but did not disclose a time frame or price.
Kraft CEO Irene Rosenfeld said the company will maintain a disciplined approach to the deal, and is committed to maintaining its investment grade credit rating and dividend as it considers its options.
Kraft, which is the nation's largest food maker, reported that it earned $824 million, or 55 cents per share for the quarter ended Sept. 30. That's compared with $1.36 billion or 91 cents per share last year, when the results included the Post Cereal business which it has since sold.
Revenue fell nearly 6 percent to $9.8 billion, hurt by the stronger dollar's impact.
Analysts polled by Thomson Reuters expected the company to earn 48 cents per share on revenue of $10.32 billion. Analyst expectations typically exclude one-time items.
Kraft increased its profit forecast for the full year from $1.93 to $1.97 per share, given its performance thus far and a lower tax rate. Analysts expect $1.97 for the year.
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