NORTHFIELD, Ill. – Kraft Foods Inc. said Wednesday that its third-quarter profit doubled because of the sale of its Post cereals business.

The maker of Oscar Mayer meats said it sold the cereals business for $2.6 billion. On an ongoing basis outside of the sale, profit fell 6 percent.

Reports said that with the proceeds from the Post sale, Kraft earned $1.4 billion, or 93 cents per share, in the quarter that ended Sept. 30. That compares to profit of $596 million, or 38 cents per share, a year ago.

Revenue rose nearly 20 percent to $10.46 billion, according to media reports.

The company repeated its estimates for full-year profit in 2008 and 2009. Kraft reportedly said it would earn $1.88 per share this year, reflecting a lower tax rate, higher interest and less favorable foreign exchange rates. In 2009, the company expects to earn $2 per share.

Source: Associated Press