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Food Sector Earnings: Kraft, Whole Foods

Posted: Nov. 4th, 2011  |  By Forbes

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Kraft Foods reported third quarter earnings late yesterday.

Profits rose to $922 million, or $0.52 per share, from $754 million, or $0.43 per share, in last year's third quarter.

Adjusted earnings of $0.58 per share beat analyst estimates, as did a 12% increase in revenue, to $13.2 billion.

Kraft is splitting itself into two companies, dividing its snack and candy business from its grocery business, by late next year.

Kraft raises its earnings forecast by $0.02 per share, to earnings of at least $2.27 per share.

Also late yesterday, high-end natural and organic grocer Whole Foods (nasdaq: WFMI - news - people ) reported fiscal fourth quarter earnings that rose to $75.5 million, or $0.42 per share, up from $57.5 million, or $0.33 per share, last year.

Earnings per share were just ahead of analyst expectations.

Revenue rose 12% to $2.35 billion, just about in line with expectations.

Whole Foods reiterated its 2012 earnings forecast of $2.21 to $2.26 per share, which fall below analyst estimates at the low end.

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