Kraft releases mixed third quarter 2006 results

Kraft has posted a third-quarter net revenue growth of 2.3 percent. The modest results were partly due to restructuring efforts. Nevertheless, the company reported strong growth of biscuits in China and cheese in South-East Asia.

Meanwhile, full-year 2006 EPS guidance increased to $1.86 - $1.89 reflecting gains on divestitures.

"Our third quarter results were mixed. Our restructuring efforts have enabled us to fund a number of successful initiatives in some key growth areas, including 'better-for-you' products, snacking and convenient meals," explains Irene Rosenfeld, CEO. "However, while income growth was strong, our aggregate top-line growth is not where it needs to be. We must continue to invest to build our momentum and generate growth more broadly."