It was a sleepy quarter for Motley Fool Income Investor recommendation Kraft (NYSE:KFT), which reported Q1 results after the bell on Wednesday. But for investors with a long-term outlook, the current lull is little cause for concern.

On a GAAP basis, net revenues were flat, coming in at $8.1 billion. Operating income declined 12% to $1 billion. Net income increased 41% to approximately $1 billion, or $0.61 per diluted share.

In this case, though, looking at the numbers according to generally accepted accounting principles doesn't show the whole picture. A lot of elements are affecting Kraft's income, among them tax benefits related to an audit of Altria (NYSE:MO), divestiture charges, impairment considerations, and currency effects. Investors may wish to read the full release to understand all of the issues at hand. But on an adjusted basis, organic net revenue growth was 3.6%, operating income growth was 2.1%, and net income actually came in at $0.45 per diluted share, which would bring the growth rate to about 2%.

This was anything but a blowout quarter. Kraft reported that the operating margin was essentially the same as last time around -- and, of course, Fools would rather see increasing margins. The company is still coping with restructuring initiatives aimed at making it more efficient in a period of expensive commodities, so that costs can be contained. Kraft is also trying to position itself for future growth by focusing on core competencies. In fact, it recently sold its Milk-Bone asset to Del Monte Foods (NYSE:DLM).

As for guidance, the company is sticking to its forecast for the year in terms of earnings per share, but it does believe that it will have more cash to play around with. The sale of the Milk-Bone business, as well as the tax benefit, are the main drivers of this prediction. Free cash flow plus proceeds from divestitures should be around $3.4 billion for the year; Kraft previously was counting on $2.7 billion. This will allow the company flexibility in returning cash to shareholders and reinvesting for the long term. Cash is so cool, isn't it?

There are some negatives, such as declines in overall volume and challenges in certain territories. But one has to think of Kraft on a long-term basis. It has an enormous portfolio of popular brands that it can leverage to their full advantage during its realignment. Currently yielding a nice 3%, Kraft's stock will probably be a solid dividend player for years to come in an individual's investment program. The growth might be dull, but it nevertheless should yield fruit down the line.

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Fool contributor Steven Mallas owns none of the companies mentioned. He does love Nabisco's Wheatsworth crackers, though. The Motley Fool has a disclosure policy.