- Procter & Gamble Co posted net income of $1.49 billion in the fiscal second quarter ended Dec. 31, compared with $1.3 billion a year ago. Sales rose six percent to $11.01 billion. The company attributed its performance to strong volume that offset price cuts in some segments of its business.
- Kraft Foods reported that quarterly earnings were up 70 percent on lower expenses. Kraft posted fourth-quarter net income of $931 million, compared with $548 million a year earlier. Revenue for the company was up three percent on a comparable basis to $7.83 billion.
Kraft management warned that 2003 profits would be below expectations because of rising costs that are putting pressure on earnings.