Kraft Foods Group, Inc. (KRFT) reported solid first-quarter 2013 results beating the Zacks Consensus Estimate for both revenues and earnings on the back of solid innovation and stepped up advertising spend behind its biggest brands. The company also stood by its full year 2013 outlook. Kraft’s first-quarter 2013 adjusted earnings per share of 88 cents breezed past the Zacks Consensus Estimate of 65 cents by 35% driven by better-than-expected top line performance. Adjusted earnings were flat year-over-year. Adjusted earnings excluded charges related to Kraft’s 2012-14 restructuring program which aims to aggressively reduce costs and improve efficiencies. Including the restructuring charges, reported earnings stood at 76 cents, down 7.3% from prior year quarter’s earnings of 82 cents. Kraft Foods Group was spun off from Kraft Foods, Inc into an independent company
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