Amid price increases, snack giant Kraft profit up 22%
The company, parent to brands such as Oreo, Maxwell House and Oscar Mayer, said its net income was $927 million, up 22%. Per-share earnings rose to 52 cents in the quarter that ended Sept. 30, up from 43 cents a year earlier.
Revenue was up 4.4% to $6.1 billion in North America, even as the company hiked up some of its prices to adjust for rising commodity prices.
Starting next week, the company will raise prices for its Planters peanut butter by 40%. Kraft only recently began bringing down the wholesale prices on its coffee after instituting a string of increases last year.
In August, Kraft announced plans to split into two separate public companies, one focusing on the global snack business and the other managing North American grocery dealings. The process will take about a year, the Northfield, Ill.-based company said.
-- Tiffany Hsu
Photo: Photo: Lawrence K. Ho / Los Angeles Times