Kraft sees a profit loss in first quarter

NORTHFIELD, Ill. Kraft Foods reported a 13-percent drop in profit for first-quarter 2008 compared the first quarter 2007. This quarter craft had seen a one-time benefit from its Altria spinoff.

Kraft Wednesday reported that it earned 40 cents per share, or $608 million, or, on the sale of $10.37 billion in stock. Last year at the same time, Kraft reported earnings of 43 cents per share, or $702 million, on $8.59 billion revenue. Analysts have stated that they predicted at least 40 cents per share on sales of $9.77 billion.

In the January-March quarter, Kraft reported earnings of 44 cents each share.

Kraft said that it should see at least 5 percent revenue growth in 2008. A previous estimate, 4 percent growth, was lower. Kraft said that it still anticipates a year-end earning of $1.90 on each share.