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Kraft Foods Inc. (NYSE: KFT) took its turn reporting earnings today, and it was yet another case of rising commodity costs impacting the bottom line at a food company. Third-quarter profit at the largest food and beverage manufacturer in the U.S. hit $596 million, or 38 cents per share, a 20% drop from year-ago results of $748 million, or 45 cents per share. Company officials cited rising dairy costs, as well as investments in new products, as the primary reasons for this backslide. Kraft's cost of sales rose 14% while marketing and research expenses were 8% higher. Additionally, the year-ago time period had included a one-time gain of 9 cents per share, further impacting the year-over-year results.
The latest quarter did include various charges of 6 cents per share, some of which was related to asset impairments. Excluding these items, the maker of Nabisco, Oscar Mayer, and Post would have banked 44 cents per share, topping the Street's estimates by two pennies.
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