Kraft Foods Inc and Kellogg Co Wednesday reported limping profits but beat analysts' expectations for the first quarter decline by boosting prices to counter higher raw material costs such as wheat and fuel, the dpa reported.
Nonetheless, soaring costs ate up much of the profit.
Kraft said net income dropped 13 per cent to 608 million dollars compared to the same period last year. Revenues were up 21 per cent to 10.4 billion dollars.
Kellogg, the largest US cereal maker, said first-quarter profit fell 1.9 per cent to 315 million dollars compared to the same period last year.