Kraft Foods Posts Q4 Loss; Announces Leadership Changes - Quick Facts

(RTTNews) - Kraft Foods Group, Inc. (KRFT) reported a fourth-quarter net loss of $398 million or $0.68 per share, compared to profit of $931 million or $1.54 per share, prior year. The reported loss was driven by a non-cash loss of $1.36 billion, or $1.43 per share, from market-based impacts to post-employment benefit plans. Fourth quarter 2014 results also included $92 million, or $0.10 per share, of unrealized losses from commodity hedging activities.

The company said its financial results reflected the impact of significant pricing actions to offset record-high commodity costs, mixed execution across the business portfolio as well as a number of factors, which are not expected to repeat, that influenced the fourth quarter. Excluding market-based impacts to post-employment benefit plans in both years, EPS grew at a double-digit rate.

On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.73 for the quarter. Analysts' estimates typically exclude special items.

Revenues increased to $4.70 billion from $4.60 billion last year. Analysts expected revenue of $4.63 billion for the quarter.

Kraft Foods Group announced management changes. George Zoghbi, currently Vice Chairman, Operations, R&D, Sales and Strategy, has been named Chief Operating Officer. The company also announced that Chris Kempczinski, who currently leads Kraft's Canada business unit, will assume an expanded role as Executive Vice President of Growth Initiatives and President of International.

The company also announced that Teri List-Stoll, Executive Vice President and CFO, will be leaving the role effective Feb. 28, 2015. The finance function will report directly to Cahill until a CFO is appointed.