Kraft profit up 1.8%, backs 2012 outlook

SAN FRANCISCO (MarketWatch)
Kraft Foods late Thursday reported first-quarter profit rose 1.8% to $813 million, or 46 cents a share, from $799 million, or 45 cents a share, in the same 2011 period
Sales for the maker of Oscar Mayer lunch meats and Cadbury chocolates increased 4% to $13.1 billion Organic sales growth was 6.5%
Prices were up 5.5%
Volume ticked up 1%
Excluding items, Kraft said operating earnings were 57 cents
That was 1 cent higher than the consensus analyst forecast, according to FactSet
Kraft backed its 2012 outlook
In recent months, Kellogg and General Mills have cut their targets
Kraft, the world's No. 2 food company, plans to split its snacks and grocery units by the end of this year
Its shares -- trading near 52-week highs -- are up 17% over the past 12 months, outpacing the 3% gain for the Dow Jones Industrial Average