Kraft Foods reports Q3, raises guidance
NORTHFIELD, Ill. — Net revenues for Kraft Foods realized an 11.5% boost, the company reported in its third-quarter earnings release.
Third-quarter net revenues totaled $13.2 billion for the period ended Sept. 30. Additionally, diluted earnings per share also saw a strong gain, rising nearly 21% to 52 cents, compared with the year-ago period.
For its North America business, Kraft said net revenues rose 4.4% to $6.1 billion, thanks to improved marketing and successful new products enabled the continued implementation of broad-based pricing. Kraft also said that its segment operating income also rose 3.3% — including a negative 3.6 percentage point impact from the Starbucks CPG business and a negative 0.5 percentage point impact from Integration Program costs — which the company attributed to a strong focus on cost management.
The company revised its guidance for 2011, projecting that organic revenue guidance for the year will be 6% (up from at least 5%), while operating EPS guidance was projected to be at least $2.27, up from at least $2.25.
“We’ve raised our outlook for the year due to the strong business momentum in each of our geographies,” Kraft Foods EVP and CFO David Brearton said. “While we expect strong operating momentum to continue, our earnings guidance excludes any potential impact from currency in the fourth quarter, as recent volatility has made such forecasts difficult.”
Chobani to break ground on second manufacturing plant
NORWICH, N.Y. — Chobani is forging ahead with its strategic growth initiative by opening a second domestic manufacturing plant.
The company said it plans to invest over $100 million to build a state-of-the-art, high capacity production facility in Twin Falls, Idaho. The company said it expects its planned investment to garner more than $200 million in regional sales.
Chobani’s current South Edmeston, N.Y.-based manufacturing plant, which will be expanded, will not be impacted by the decision to open a second facility, the company noted.
Bolthouse Farms gives salad dressings a makeover
BAKERSFIELD, Calif. — Bolthouse Farms has overhauled its salad dressing line to include less calories and fat, as well as two new flavors.
The company said its premium refrigerated salad dressings now contain at least 55% fewer calories and 75% less fat than the leading brand, making each serving of the dressings 45 calories or less.
In line with these changes, the company has added zesty french and salsa ranch salad dressings to its lineup.
In addition to its changes to the premium refrigerated salad dressings, Bolthouse Farms also revamped its vinaigrette line, which are made with extra virgin olive oil, flaxseed oil and canola oil.
Bolthouse Farms zesty french and salsa ranch dressings now are available nationwide for a suggested retail price of $3.49 per 14-oz. bottle.