Kraft Foods Q2 Profit Surges - Quick Facts

(RTTNews) - Kraft Foods Group Inc. (KRFT) Thursday reported second-quarter net earnings of $829 million or $1.38 per share, up from $603 million or $1.02 per share last year.

Second-quarter results included a $0.62 benefit from market-based impacts to post-employment benefit plans, and a $0.09 per share of restructuring program costs.

On average, 17 Analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter dropped 1.1 percent to $4.74 million from $4.79 million last year. Analyst estimated revenues of $4.81 billion for the quarter.

Looking forward, Kraft updated its guidance for 2013. The company now expects organic net revenue growth to be in line with or slightly lower than the growth of the North American food and beverage market. The company also expects earnings of about $3.40 per share, including the $0.62 year-to-date benefit from market-based impacts to post-employment benefit plans.

Analysts currently expect earnings of $2.79 per share for the full year.

Previously, the company expected company organic net revenue growth in line with growth of the North American food and beverage market, and earnings of about $2.75 per share.