Kraft said its second-quarter net income rose 3.5% to $732 million while revenue rose 21% to $11.2 billion. The company's sales volume fell just 1% despite a 7% increase in prices.
Kraft Foods posted a 13% drop in first-quarter net income as the surging cost of inputs such as dairy and wheat cut into margins despite price increases.
Carl Icahn has taken a stake in Kraft Foods Inc., according to a media report. The size of Icahn's stake and the amount of time he has held Kraft shares is not clear.
Activist investor Nelson Peltz's fund has acquired a 3 percent stake in Kraft Foods Inc. and wants the company to jettison unsuccessful brands and find better uses for its cash.
Altria Group, Inc announced that it has completed the spin-off of Kraft Foods Inc. to Altria Group, Inc's shareholders. Altria Group, Inc distributed approximately 88.9% of Kraft's outstanding shares owned by Altria Group, Inc to Altria Group, Inc's shareholders.
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