Cadbury leads Kraft profit skyward in first quarter

NORTHFIELD -- Kraft Foods Inc.'s profit rose sharply in the first quarter as it began to integrate British candy maker Cadbury into its business.

Kraft, which is the nation's largest U.S. food maker, reported late Thursday that it earned $1.88 billion, or $1.16 per share, for the quarter that ended March 31. That's up from $660 million, or 45 cents per share, in the same quarter last year.

Excluding acquisition-related costs, discontinued operations and other one-time items, the company earned 49 cents per share.

Revenue grew 26 percent to $11.3 billion.

Analysts polled by Thomson Reuters, who generally exclude one-time items, expect Kraft to earn 45 cents per share on revenue of $10.95 billion.

Kraft said much of the growth was attributable to Cadbury. But the company-- which makes products such as Oreo cookies and Maxwell House coffee -- said it also saw strong growth of its base business, particularly in products such as Planters.

The company's CEO Irene Rosenfeld said the results are early evidence of the company's potential under the new structure.

Kraft also said that it expects to earn $2.35 per share for the 2010 fiscal year.