Kraft Foods Inc. (KFT: chart) announced after the bell Tuesday quarterly earnings that slid 28% from last year, hurt by higher commodity costs and one-time restructuring and impairment charges. The U.S. largest food company posted net income of $628 million, or 37 cents a share, for the fourth quarter of fiscal 2004, in contrast to income of $869 million, or 50 cents a share, for the prior-year equivalent. Excluding items, Kraft earned 49 cents a share for the quarter ended December 31, meeting analysts’ projections. Revenue for the quarter climbed 7% to $8.78 billion from $8.21 billion, beating the mean analysts’ forecast of $8.63 billion. The Northfield, Illinois-based company attributed the revenue growth to higher volume, positive mix, pricing, currency, and acquisitions. Net revenues in North America rose 8.8% from a year ago to $5.8 billion. International revenues slipped 1.1%, excluding the benefits of strong foreign currencies. For all of 2004, Kraft had net profits of $2.66 billion, or $1.55 per share, on revenues of $32.2 billion. That compares to $3.48 billion, or $2.01 per share, on revenues of $30.5 billion, for fiscal 2003.

Kraft projected an earnings-per-share growth of 3.2% to 6.5% for fiscal 2005, as it expects commodity prices to be neutral during the year. The company sees earnings, including items, in the range of $1.60 to $1.65 per share. On a pro forma basis, earnings are expected to come in between $1.94 and $1.99 per share.

Kraft shares shed 37 cents to $33.03 at market close Tuesday.

Texas Instruments Incorporated (TXN: chart) posted after market close Tuesday lower quarterly profits, as increased manufacturing costs offset higher sales. The Dallas, Texas-based chip maker announced fourth-quarter earnings of $490 million, or 28 cents per share, compared with earnings $512 million, or 29 cents per share, for the year-ago period. Despite the drop, the earnings outpaced by 2 cents a share Wall Street’s average estimate. Quarterly revenue advanced to $3.15 billion from $2.77 billion, last year.

The stock closed Tuesday at $21.12, up 35 cents, or 1.69%. TI shares gained 51 cents to $21.63 in after-market trade.

Computer Associates International, Inc. (CA: chart) said Tuesday that its third-quarter net income doubled to $36 million, or 6 cents per share, from $18 million, or 3 cents per share, generated a year earlier. The Islandia, New York-based software maker cited its acquisition of security software company Netegrity and the weak U.S. dollar as main contributors for the results. Excluding items, earnings totaled 19 cents a share, in line with analysts’ forecasts. Sales for the quarter edged up 9% to $911 million.

CA shares slipped 1.27% to close Tuesday at $27.23.

Flextronics International Ltd. (FLEX: chart), the Singapore-based world’s top contract electronics manufacturer, reported Tuesday a huge rise in its quarterly income, on stronger sales and fewer charges. The company said it had a net profit of $98.7 million, or 17 cents a share, in its third quarter, up from $21.4 million, or 4 cents a share, for the 2004 comparable period. Excluding items, earnings were $116.3 million, or 20 cents a share, against earnings of $93.9 million, or 17 cents a share, a year ago. The results topped by a penny a share the mean analysts’ estimate. Quarterly revenue edged up 3% from last year to $4.28 billion.

The stock dropped 11 cents on Tuesday to $12.42. Company shares soared 5.48% to $13.10 in the extended session.

Electronic Arts Inc. (ERTS: chart) announced Tuesday third-quarter net earnings of $375 million, or $1.18 per share, a 4.4% decline from prior-year earnings of $392.3 million, or $1.26 per share. The Redwood City, California-based U.S. No.1 video game publisher blamed the results on stiff competition during the holiday season. On operating basis, the company posted a profit of $1.23 per share, surpassing the consensus analysts’ forecast of $1.18 per share. Revenue for the quarter eased to $1.43 billion from $1.48 billion.

EA shares closed Tuesday down 13 cents, or 0.23%, at $57.54. The stock rose 4.24% to $59.98 in after-hours trading.

Avaya Inc. (AV: chart) on Tuesday turned in quarterly profits that more than tripled from a year ago, driven by solid revenue growth. The Basking Ridge, New Jersey-based provider of telecommunications equipment reported a first-quarter profit of $31 million, or 7 cents per share, up from a profit of $10 million, or 2 cents per share, for the 2004 corresponding quarter. Avaya recorded revenues of $1.15 billion in the quarter, an 18% increase year-over-year, aided by strong demand.

The stock skidded 1.37% to $15.15 at market close Tuesday. Avaya shares gained 10 cents to $15.25 in extended trade.

Compuware Corporation (CPWR: chart) posted after the bell Tuesday net income of $41.7 million, or 11 cents per share, on sales of $330.5 million, for its third quarter. For the 2004 equivalent, the software company had income of $21.8 million, or 6 cents per share, on sales of $318.2 million. The mean analysts’ estimate was for a profit of 6 cents a share, on sales of $319.7 million. Detroit, Michigan-based Compuware said results were due to strong software licensing and service fees.

Company shares inched down 3 cents to close Tuesday at $5.67. The stock was catapulted up 14.64% to $6.50 in after-hours trading.