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Kraft Foods Inc. Reports 2005 Results And Issues 2006 Outlook; Announces Expanded Restructuring Program As Part Of Sustainable Growth Plan
Kraft Foods Inc. (NYSE:KFT), a global leader in branded food and
beverages, today reported 2005 results, announced an expanded
restructuring program as part of its Sustainable Growth Plan, and
issued its earnings outlook for 2006. Kraft's fourth quarter results
(which included an additional week versus 2004) reflected solid
momentum in several areas including better price realization, improved
U.S. market shares, strong product mix and new product contributions.
For the full year, the company delivered on its top-line growth and
earnings guidance provided in October. Additionally, the company
generated $4.0 billion in discretionary cash flow(1) plus divestiture
proceeds in 2005 and returned approximately $2.6 billion in cash to
shareholders through dividends and share repurchases. In providing its
2006 outlook, the company expects many of the cost pressures it faced
in 2005 to continue in 2006 and has announced an expanded
restructuring program as part of its Sustainable Growth Plan to
aggressively reduce its cost structure.
"While 2005 was a difficult year for Kraft and several of the
challenges we faced will continue in 2006, I am pleased by our
progress in many areas, particularly in our fourth quarter U.S. market
shares," said Roger K. Deromedi, Chief Executive Officer of Kraft
Foods. "The actions we've taken over the past two years have improved
our Brand Value propositions and are enabling us to drive out costs
even more aggressively."
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Kraft Foods Inc. Reports 2005 Results And Issues 2006 Outlook; Announces Expanded Restructuring Program As Part Of Sustainable Growth Plan
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