Friday, May 15, 2009

Kraft Foods Profits on Higher Food Prices

Kraft Foods EthanolKraft Foods Inc. said its first-quarter profit rose 10 percent in its recent earnings report.

This from the giant foodmaker who blames American agriculture for its need to raise food prices.

The maker of well-known brands as Velveeta, Oreo cookies and Maxwell House coffee says it plans to focus more on its core products where it can make even more money.  

Of course, this means keeping food prices high and blaming others.

Kraft said it earned $660 million, or 45 cents per share in the three-month period ending in March. That compares to a profit of $599 million, or 39 cents per share, a year earlier, when results were dampened by $98 million in restructuring costs.

Last year during high energy prices, Kraft and others at  the Grocery Manufacturers Associations started a a high-priced public relations campaign to blame the higher food costs on American  agriculture and  the renewable fuels industry.

Source: Kraft Foods