NORTHFIELD, Ill. – Net income at Kraft Foods Inc. in the year ended Dec. 31 was $3,527 million, equal to $2 per share on the common stock, down 14 percent from $4,114 million, or $2.40 per share, during fiscal 2010. Results in 2010 included more than $1,600 million in gains from discontinued operations.
Earnings from continuing operations in fiscal 2011 totaled $3,547 million, up 42 percent from $2,495 million in fiscal 2010. Operating income in fiscal 2011 was $6,657 million, up nearly 18 percent from $5,666 million in fiscal 2010. Revenue for the year was $54,365 million, up 11 percent from $49,207 million during the previous year.
“We delivered terrific results in 2011, and our businesses are healthier than ever due to the disciplined execution of our strategy,” said Irene Rosenfeld, chairman and chief executive officer. “We expect to deliver top-tier growth in 2012, in line with our long-term targets, while we prepare to successfully launch the North American grocery and global snacks companies later this year.”
For the fourth quarter ended Dec. 31, the company had earnings of $830 million, or 47 cents per share, up 54 percent from $540 million, or 31 cents per share, during the same quarter of the previous year. Revenue for the quarter was $14,688 million, up 7 percent from $13,773 million. Earnings were up in the quarter due to revenue growth, cost management and investments in major brands.
Even as the company plans to trim North American brands and split into two companies, it is still predicting growth in 2012.
“Our business momentum remains strong,” said David Brearton, executive vice-president and chief financial officer. “We’re confident that we can continue to deliver top-tier growth while we position ourselves to launch two industry-leading companies by the end of the year.”
The company said it will have a one-time restructuring, transition and transaction costs of $1.6 billion to $1.8 billion as it prepares to separate later this year.
Enhance your industry IQ Sign up for our free newsletters to stay informed on each day’s news and trends |
Subscribe |