On Aug. 2, Kraft Foods (KFT) reported its latest quarterly results based on its current structure as a worldwide food products company. We were pleased to see that it continues to exceed consensus analyst expectations, as well as made steady progress in its corporate restructuring.

We were also pleased to see the company handle the negative currency headwinds from the stronger U.S. dollar better than its competition, as the company was able to grow its reported EPS by 5.5% in the previous quarter vs. last year’s levels, despite having to deal with the burden of $84 million in asset impairment charges during the quarter. Kraft’s 5.5% year-over-year increase in reported EPS was better than such august blue-chip consumer goods and services companies like Coca-Cola (KO), McDonald’s (MCD), and even Philip Morris (PM), Kraft’s former corporate sibling.

While Kraft’s European and Developing Markets divisions were the key drivers of growth during the period, we were pleased that Kraft North America’s reported operating income was stable despite dealing with $164 million in restructuring costs. Kraft North America saw its organic revenue (excluding impacts from currency and the dissolution of its partnership with Starbucks)

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