Kraft profit beats expectations, Cadbury bid awaited

CHICAGO (Reuters) - Kraft Foods Inc posted a quarterly profit that beat analysts estimates, less than a week before the Oreo cookie maker is expected to formalize its bid for British chocolatier Cadbury Plc.

The world's second-largest food company posted third-quarter earnings of $826 million, or 55 cents a share, compared with $1.36 billion, or 91 cent a share, a year earlier. Year earlier results included 57 cents a share in discontinued operations.

Analysts on average forecast 48 cents a share, according to Thomson Reuters I/B/E/S.

Kraft, which has seen earnings boosted by lower commodity costs even as strength in the dollar has weighed on revenue, has until November 9 to make a formal bid for Cadbury. On September 7, Kraft disclosed that it had approached Cadbury with an offer that was then worth $16.7 billion, an offer Cadbury's board rejected.

Kraft shares were down at $27.10 in extended trade from Tuesday's New York Stock Exchange close of $27.54.

(Reporting by Brad Dorfman)