Kraft 2004 Annual Report Download - page 85

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2003 Quarters
First Second Third Fourth
(in millions, except per share data)
Net revenues .................................... $7,235 $7,706 $7,350 $8,207
Gross profit ..................................... $2,958 $3,083 $2,868 $3,058
Earnings from continuing operations ................... $ 824 $ 918 $ 784 $ 853
Earnings from discontinued operations .................. 24 31 26 16
Net earnings ..................................... $ 848 $ 949 $ 810 $ 869
Weighted average shares for diluted EPS ................ 1,730 1,728 1,728 1,723
Per share data:
Basic EPS:
Continuing operations ........................... $ 0.48 $ 0.53 $ 0.45 $ 0.49
Discontinued operations ......................... 0.01 0.02 0.02 0.01
Net earnings ................................. $ 0.49 $ 0.55 $ 0.47 $ 0.50
Diluted EPS:
Continuing operations ........................... $ 0.48 $ 0.53 $ 0.45 $ 0.49
Discontinued operations ......................... 0.01 0.02 0.02 0.01
Net earnings ................................. $ 0.49 $ 0.55 $ 0.47 $ 0.50
Dividends declared .............................. $ 0.15 $ 0.15 $ 0.18 $ 0.18
Market price—high .............................. $39.40 $33.96 $32.79 $32.50
— low............................... $26.35 $27.76 $27.60 $28.50
Basic and diluted EPS are computed independently for each of the periods presented. Accordingly,
the sum of the quarterly EPS amounts may not agree to the total for the year.
During 2004 and 2003, the Company recorded the following pre-tax charges or (gains) in earnings
from continuing operations:
2004 Quarters
First Second Third Fourth
(in millions)
Asset impairment and exit costs ....................... $ 291 $ 129 $ 44 $ 139
Losses (gains) on sales of businesses .................. 8 (5)
$ 291 $ 129 $ 52 $ 134
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