Mondelez Results Boosted by International Sales

By Micah Maidenberg

Mondelez International Inc. leaned on overseas markets to drive its results in its latest quarter, reporting a stronger-than-expected adjusted profit.

The maker of Oreo cookies, Ritz crackers and Wheat Thins on Tuesday reported earnings of 65 cents a share in the first quarter after excluding acquisitions, divestitures and foreign-currency fluctuations.

Analysts had forecast 61 cents a share on that metric, according to FactSet.

Mondelez said comparable sales, which exclude currency effects and other swings, rose faster in all of its international markets, led by a 6.1% gain in Asia, the Middle East and Africa. Stronger sales volumes boosted comparable sales in Europe by 2.7%, but those sales were weaker in North America, where the company notched a 0.5% gain following price increases.

Last year, the company announced it would raise prices in the U.S. and Canada to combat rising transportation and ingredient costs.

Mondelez said it pushed up prices by 2% in North America in the quarter.

A range of big food companies are pursuing price increases after a long stretch of low inflation. Retailers, which want to keep prices low to draw in consumers, have been more open to increases lately as the economy has grown.

Overall, first-quarter sales fell 3.4% to $6.54 billion, compared with $6.55 billion that analysts predicted for the period.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

April 30, 2019 16:48 ET (20:48 GMT)

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