Kraft Foods reports quarterly net income drop

Kraft Foods Group Inc. (Nasdaq: KRFT) said on Wednesday that its second-quarter net income fell to $482 million, or 80 cents per share, from $829 million, or $1.38 per share, a year ago, when the company benefited from a significant gain tied to its post-employment benefit plans, according to Fox Business reporting.

"We continue to execute our playbook and are on track to deliver another solid year of growth in earnings and cash flow," Kraft CEO Tony Vernon said in a statement.

KRFT shares closed yesterday at $57.24, compared to a 52-week range of $50.54 to $61.10.

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