February 21/Northbrook, Ill./Financial Times -- Kraft Foods reported a rise in fourth-quarter profits, as revenues in the U.S. and Europe outpaced sales in emerging markets but missed expectations.

Net earnings at Kraft rose 54% from a year ago to $842 million, as net revenues increased 6.6% to $14.6 billion.

Irene Rosenfeld, Kraft’s chief executive, said the company expects to deliver “top-tier growth” this year, as it works to complete its split into a U.S. grocery business and a global snacks company.

In North America, net revenues rose 8.9% year-on-year, while revenues in Europe were up 7.5%. In developing markets, where Kraft said it faced “volatile market conditions,” revenues were up 2.4%.

Kraft said it expects operating earnings to grow 9% in 2012, slowed by a higher tax rate and increased pension costs. The company projects up to $1.8 billion in charges related to the separation, which is set to be completed this year, and up to $800 million in financing fees for the U.S. grocery business.

 From the February 21, 2012, Prepared Foods' Daily News.