Kraft hikes quarterly dividend 7.4%

by Eric Schroeder
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NORTHFIELD, ILL. — The board of directors of Kraft Foods Inc. has declared a regular quarterly dividend of 29c per common share of Class A stock, an increase of 7.4% from the previous quarter’s dividend of 27c per share, which had been payable since Oct. 5, 2007. The new dividend is payable on Oct. 8 to stockholders of record as of Sept. 24.

"As our top-line momentum begins to translate to bottom-line growth, we’re increasing our dividend consistent with our long-term earnings growth guidance," said Irene Rosenfeld, chairman and chief executive officer. "We’re confident in our progress, and despite a challenging economic environment, our results demonstrate that we can cover higher costs, strengthen brand equities and deliver improved financial results."

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