Mondelez International 2Q Sales Jump on Higher Prices
July 27 2023 - 4:57PM
Dow Jones News
By Dean Seal
Mondelez International logged stronger earnings in the second
quarter as higher prices lifted revenue substantially higher than
analysts had been expecting.
The Chicago-based maker of Oreo cookies and Triscuit crackers
posted a profit of $944 million, or 69 cents a share, compared with
$747 million, or 54 cents a share, in the same quarter a year
ago.
Stripping out one-time items, adjusted earnings were 76 cents a
share. Analysts polled by FactSet had been expecting 69 cents a
share.
Sales came in at $8.51 billion, up from $7.27 billion in the
year-ago period and above analyst forecasts for $8.22 billion,
according to FactSet.
Mondelez logged 15.8% organic revenue growth for the quarter
that was driven entirely by pricing, as company-wide volumes were
flat. Volumes were down in Europe, but the decline was offset by
gains in North America and the company's other regions.
Shares advance 1.9% to $73.73 in after-hours trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 27, 2023 16:42 ET (20:42 GMT)
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