Kraft Profits Up 10%; Mac 'N Cheese, Pizza Rock On

Nice Q1 for Kraft. Led by pizza and the happiness in a blue box that is Mac 'N' Cheese

Kraft reported profits up 10% for first-quarter 2009 to $660 million, for earnings per share of 45 cents, versus $559 million and a 39-cent EPS in last year's first quarter. The results exceeded analysts' projections by five cents.

CEO Irene Rosenfeld attributed the performance to price increases that better reflect input costs, with operational cost-cutting amounting to about $1 billion annually, and a simultaneous focus on marketing key brands/products and weeding out lower-margin product lines.

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