Kraft Foods, Inc., parent of Madison’s Oscar Mayer, reported lower-than-anticipated sales and earnings for the second quarter. Company revenue came in at nearly $4.75 billion, which missed analysts’ average forecast of nearly $4.83 billion. The company earned 80 cents per share in profit for the quarter, but analysts were expecting 82 cents per share.
Kraft earned $482 million (80 cents/share) in the quarter ending June 28, down from $829 million ($1.38 per share) a year earlier. Last year’s numbers included a $604 million company pension benefit.
