2006 Financial Highlights
2006 Financial Highlights Consolidated Results
(in millions, except per share data)
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(in millions, except per share data) |
2006 |
|
2005 |
% Change * |
|
Volume (in pounds) |
|
18,251 |
|
19,212 |
(5.0%) |
|
Net revenues |
$ 34,356 |
$ 34,113 |
0.7% |
|
Operating income |
|
4,526 |
|
4,752 |
(4.8%) |
|
Earnings from continuing operations |
3,060 |
|
2,904 |
5.4% |
|
Net earnings |
|
3,060 |
|
2,632 |
16.3% |
|
Diluted earnings per share: |
|
Continuing operations |
1.85 |
|
1.72 |
7.6% |
|
Net earnings |
|
1.85 |
|
1.55 |
19.4% |
|
Results by Business Segment |
|
North America |
|
Beverages |
|
Net revenues |
$ 3,088 |
$ 3,056 |
1.0% |
|
Operating companies income** |
205 |
|
463 |
(55.7%) |
|
Cheese & Foodservice |
|
Net revenues |
|
6,078 |
|
6,244 |
(2.7%) |
|
Operating companies income** |
886 |
|
921 |
(3.8%) |
|
Convenient Meals |
|
Net revenues |
|
4,863 |
|
4,719 |
3.1% |
|
Operating companies income** |
914 |
|
793 |
15.3% |
|
Grocery |
|
Net revenues |
|
2,731 |
|
3,024 |
(9.7%) |
|
Operating companies income** |
919 |
|
724 |
26.9% |
|
Snacks & Cereals |
|
Net revenues |
|
6,358 |
|
6,250 |
1.7% |
|
Operating companies income** |
829 |
|
930 |
(10.9%) |
|
Total North America |
|
Net revenues |
$ 23,118 |
$ 23,293 |
(0.8%) |
|
Operating companies income** |
3,753 |
|
3,831 |
(2.0%) |
|
International |
|
European Union |
|
Net revenues |
$ 6,672 |
$ 6,714 |
(0.6%) |
|
Operating companies income** |
548 |
|
722 |
(24.1%) |
|
Developing Markets, Oceania & North Asia |
|
Net revenues |
|
4,566 |
|
4,106 |
11.2% |
|
Operating companies income** |
416 |
|
400 |
4.0% |
|
Total International |
|
Net revenues |
$ 11,238 |
$ 10,820 |
3.9% |
|
Operating companies income** |
964 |
|
1,122 |
(14.1%) |
*The company's 2005 results include an extra shipping week versus 2006. The company estimates that this week positively impacts volume, net revenues, and operating income growth rates by approximately 2pp.
**Kraft's management reviews operating companies income, which is defined as operating income before general corporate expenses and amortization of intangibles, to evaluate segment performance and allocate resources. For a reconciliation of operating companies income to operating income, see Note 14. Segment Reporting.