Earnings: Kraft Foods and Richmond-based Colfax

Dow industrial firm: Kraft

Kraft Foods said slower sales, lower retail food prices and the comparison with a gain a year ago helped cut its third-quarter profit 40 percent, but the company raised its forecast for the year.

The company said it remains interested in a possible offer for British candy company Cadbury PLC but did not disclose a time frame or price.

Kraft, the nation's largest food maker, reported that it earned $824 million, or 55 cents per share, for the quarter ended Sept. 30. That's compared with $1.36 billion, or 91 cents per share, last year, when the results included the Post Cereal business that it has since sold.

Revenue fell nearly 6 percent to $9.8 billion, hurt by the stronger dollar's impact.

Analysts polled by Thomson Reuters expected the company to earn 48 cents per share on revenue of $10.32 billion. Analyst expectations typically exclude one-time items.

Kraft increased its profit forecast for the full year from $1.93 to $1.97 per share, given its performance thus far and a lower tax rate. Analysts expect $1.97 for the year.

Kraft shares fell 10 cents, or 0.36 percent, to $27.54 yesterday. The company reported earnings after the market closed.

-- The Associated Press

Area companies: Colfax

Colfax Corp., the Richmond-based maker of industrial pumps and valves, reported lower earnings and sales for the third quarter.

The company had net income of $1.8 million, or 4 cents per share, for the quarter that ended Oct. 2, compared with $13.6 million, or 31 cents a share, in the prior-year quarter.

Revenue decreased 16.2 percent to $128.5 million.

Colfax said it has made significant progress in reducing expenses and has cut its work force by 15 percent.

The cost-reduction initiatives should save the company about $16 million in 2009, or about $22 million on an annualized basis.

For the full year, the company expects adjusted earnings of 88 cents to 94 cents a share, compared with its previously estimates of 93 cents to $1. It expects full-year internal growth to decline 8 percent to 10 percent compared with its prior estimate of a decline of 6 percent to 8 percent.

-- Times-Dispatch