UPDATE: Kraft Foods Reports 4.2% Rise In Q2 Profit, Lifts Forecast

Kraft Foods Inc KFT reported a 4.2% rise in its second-quarter profit and raised its projections for the year. Kraft's quarterly profit rose to $976 million, or $0.55 per share, from $937 million, or $0.53 per share, in the year-ago period. Its revenue climbed 13% to $13.88 billion. Kraft's operating earnings per share came in at $0.62. However, analysts were expecting operating earnings of $0.58 per share on revenue of $13.08 billion. Kraft raised its forecast for organic net revenue growth for the year to at least 5%, versus at least 4%. It also lifted its operating earnings outlook to at least $2.25 per share, versus at least $2.20 per share. Analysts were expecting operating earnings of $2.23 per share. Kraft also announced its plans to split the company into two units. KFT shares gained 2.68% to $35.22 in pre-market trading.