Kraft profit rises but revenue falls short

Northfield-based Kraft Foods Group Inc. says it profit rose in the second quarter but its revenue slipped on weak sales of cold cuts and salad dressings.

The company, which makes Miracle Whip, Oscar Mayer and other staples found in American pantries, raised its guidance for the year, citing a one-time benefit related to its pension plans.

Its shares edged up 39 cents to $57.50.

For the period, the company earned $829 million, or $1.38 per share. That’s compared with $603 million, or $1.02 per share, a year-ago.

Excluding the impact related to the pension plans, the company earned 76 cents per share. Wall Street was looking for 66 cents per share, excluding one-time items.

Revenue fell to $4.7 billion, short of the $4.82 billion Wall Street expected.