Kraft Profit Falls

(RTTNews) - Kraft Foods Group Inc (KRFT) on Tuesday reported first-quarter net earnings of $429 million or $0.72 per share, compared with $513 million or $0.85 per share last year.

On average, 15 analysts polled by Thomson Reuters estimated earnings of $0.81 per share for the quarter. Analysts' estimates typically exclude special items.

Kraft said results for the quarter included a negative $0.14 per share impact due to losses from market-based impacts to post-employment benefit plans, spending on cost savings initiatives and costs related to the proposed merger with H.J. Heinz Holding Corp.

The company's revenues for the quarter were marginally lower at $4.35 billion, compared with $4.36 billion in the prior year. Twelve analysts had a consensus revenue estimate of $4.43 billion for the quarter.