Kraft Foods (KFT) Profits Up Nearly 300%

Kraft Foods Inc. (NYSE: KFT) reported that its 4th quarter profits rose nearly 300% from a year earlier.

Kraft Foods Inc. reported net income of $710 million, or 48 cents per share, up from net income of $178 million, or 12 cents per share, during the same quarter a year earlier.

A survey of analysts covering the stock by FactSet Research showed a consensus expectation of 45 cents per share and sales of $11 billion.

Kraft credited a restructuring that led to major cost cutting as the main reason behind the dramatic increase in profit.