Kraft's profit edges up on price hikes

NEW YORK

Kraft Foods Inc. says its first-quarter net income rose slightly as it hiked prices to make up for rising ingredient costs.

The parent company of Nabisco, Velveeta, Miracle Whip and other brands says it earned $813 million, or 46 cents per share, in the first three months of the year.

That's 1.8 percent higher than the $799 million, or 45 cents per share, it earned a year earlier.

Excluding one-time items, it earned 57 cents per share, which was a penny more than analysts expected.

Its revenue rose 4 percent to $13.1 billion.

Kraft is preparing to split into two publicly traded companies this year. One will focus on its international snack brands, like Cadbury. The other will concentrate on its North American grocery business, which includes Oscar Mayer meats.