NORTHFIELD – Kraft Foods expects to report adjusted earnings for the fourth quarter that is above analysts' current estimates and raised its earnings forecast for this year.

But the company behind brands such as Oscar Mayer and Miracle Whip also said it expects a decline in fourth-quarter revenue compared with a year ago.

"The fourth quarter was one of real progress and some significant disappointment," Kraft CEO Tony Vernon told investors during a conference call Friday. "We made great strides in productivity, profit, and cash, but we really missed our topline."