Kraft Foods reports strong fiscal results for 2002
Jan 29, 2003 12:00 PM, staff and wire reportsKraft Foods Inc has announced full-year 2002 results, with reported diluted earnings per share (EPS) up 67.5% to $1.96 and pro forma diluted EPS up 15.4% to $2.02. Fourth-quarter 2002 reported diluted EPS was up 68.8% to $0.54 and pro forma diluted EPS was up 10.9% to $0.51.
“Our top line growth accelerated in the fourth quarter, with worldwide pro forma volume up 4.3% and all six segments posting growth over the prior year,” said Roger K Deromedi, co-chief executive officer of Kraft Foods. “For the full year, pro forma volume increased 3.1%, driven by new products, growth in developing markets, and tack-on acquisitions.
“As we enter 2003, our business momentum remains strong,” Deromedi said. “On the top line, we are again projecting volume growth of around 3%. However, on the bottom line, three significant items—benefit cost increases, stock-based compensation expenses, and devaluation-driven cost increases in Latin America—will restrain earnings growth, with diluted earnings per share expected to be $2.10 to $2.15, an increase of 4% to 6% from the pro forma 2002 base.”