NORTHFIELD, Ill. (AP) — Kraft Foods said slower sales and lower retail food prices cut into its third-quarter profit, but the company raised its forecast for the year Tuesday.
The company said it remains interested in a possible offer for UK candy company Cadbury PLC, but it 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 reported after the market closed Tuesday that it earned $824 million, or 55 cents per share, for the quarter that ended Sept. 30, down from $1.36 billion or 91 cents per share a year earlier, when the results included income from some operations that have been discontinued.
Kraft's revenue fell nearly 6 percent to $9.8 billion.
Analysts expected the company to earn 48 cents per share on revenue of $10.32 billion. Analyst expectations typically exclude one-time items.
