Food and beverage-maker Kraft, Inc. (KFT) beat Street’s third-quarter earnings per share view, but missed revenue estimates and gave fiscal 2009 revenue guidance that was below expectations.

The company boosted earnings per share guidance to $1.97, up from the previous forecast of $1.93, but it revised its view for organic net revenue growth in 2009, lowering it to 2% growth, from its earlier projection for 3% growth.
Analysts polled were expecting the company to post earnings of $1.97 per share on revenue of $40.97 billion in fiscal 2009, according to Reuters.

In the third quarter, Kraft saw profit fall to $824 million or 55 cents per share, compared to net income of $1.36 billion or 91 cents per share a year ago.

Revenue fell 5.7% to $9.8 billion in the third quarter. Analysts were expecting the company to earn 48 cents per share on revenue of $10.32 billion.

In regard to the company’s informal bid for British confectioner Cadbury, valued at $16.7 billion when the offer was made, Irene Rosenfeld, Kraft Chairman and CEO of the said the company is still interested in pursuing a merger, but will approach the deal in a “disciplined” manner.

“Our criteria include accretion to cash EPS in the second year, delivering a return on investment well in excess of our cost of capital, and maintaining both our investment grade credit rating and our dividend,” Rosenfeld said.

Kraft has a deadline of November 9, to make a formal bid for Cadbury.

Shares of Kraft fell 79 cents or 2.87% in after-hours trading on Tuesday, after falling 10 cents during market hours to close at $27.54.