Kraft Reaffirms 2006 Guidance
Kraft's focus on the right business drivers since 2004 had delivered progress, including accelerated new product revenues, improved product mix, solid growth in developing markets, significant cost savings and improved U.S. market shares.
26/04/06 Kraft Foods Inc., the world's second-largest food and beverage company, used its Annual Stockholders Meeting to review the positive momentum of its Sustainable Growth Plan and reiterate its previous full-year 2006 earnings guidance for diluted earnings per share from continuing operations of $1.55 - $1.60.
In his remarks, Roger K. Deromedi, Chief Executive Officer, Kraft Foods, reported that the company's focus on the right business drivers since 2004 had delivered measurable progress, including accelerated new product revenues, improved product mix, solid growth in developing markets, increased portfolio focus, significant cost savings, better Brand Value propositions, and improved U.S. market shares.
"Our Sustainable Growth Plan is fixing our business, enabling us to take better advantage of both our scale and one of the best brand portfolios in the food and beverage industry," Deromedi said. "While our financial performance lagged our improving business fundamentals last year, 2006 is off to a good start. I'm confident that strong execution of our Guiding Principles will continue to deliver improved financial performance in 2006 and beyond."
With more than 99% of the vote, the nine nominees named in the proxy statement were elected directors, the ratification of the selection of PricewaterhouseCoopers LLP as independent auditors was approved, and the company's 2006 Stock Compensation Plan for Non-Employee Directors was also approved.
