Kraft raises 2009 profit view

By @ibtimes on

Kraft Foods raised its 2009 profit forecast on Tuesday and said it was well-positioned to deliver sustainable top-tier performance, with or without Cadbury.

Kraft, which has made a 10.5 billion pound ($17 billion) takeover bid for British chocolatier Cadbury said it expected 2009 earnings per share of at least $2 per share, up from its earlier estimate of at least $1.97 per share. Analysts expected the company to earn $2 in 2009.

We're well positioned to deliver sustainable top-tier performance, with or without Cadbury, Kraft Foods' Chairman and CEO Irene Rosenfeld said in a statement.

Kraft has until January 19 to raise its cash-and-stock bid, now worth about 762 pence per Cadbury share. Analysts and some Cadbury investors have said that an offer of 800p and above would be hard to resist.

Kraft shares gained 1.7 percent Tuesday to $29.29, and were trading at $29.75 after hours.

(Reporting by Nick Zieminski; Editing by Phil Berlowitz)

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