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Kraft beats on earnings, backs full-year growth target

Kraft Foods reported quarterly earnings and revenue that beat Wall Street’s expectations on Thursday and backed its full-year growth target.

"We continue to expect 2012 organic net revenue growth of approximately 5 percent and operating earnings-per-share growth of at least 9 percent on a constant currency basis," Kraft’s CFO said in a statement.

First-quarter revenue rose 4 percent to USD13.1 billion from USD12.57b a year ago. New products and a "continued focus on cost management" fuelled last quarter’s revenue growth, according to a company statement.

(Source: CNBC)