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Mondelez’s profit beats on higher demand for key brands

Posted by: Admin | Posted on: January 31st, 2018 | 0 Comments

(Reuters) – Mondelez International Inc’s (MDLZ.O) quarterly profit beat analysts’ estimates, fueled by strong demand for its key brands like Cadbury Dairy Milk and Oreo cookies in Europe and growth in emerging markets.

Shares of the confectionery, food and beverage company rose marginally in extended trading on Wednesday.

Net income attributable to the company rose to $802 million, or 53 cents per share in the fourth quarter ended Dec. 31, from $93 million, or 6 cents per share, a year earlier.

The company had a $59 million benefit from U.S. tax reform.

Excluding items, Mondelez earned 57 cents per share, beating the estimate of 56 cents per share.

The East Hanover, New Jersey- based company said its net revenue rose to $6.97 billion, meeting analysts’ average estimate of $6.97 billion.

The company said it expects double-digit adjusted earnings per share growth on a constant currency basis for 2018. Mondelez also expects organic net revenue to increase 1 percent to 2 percent for 2018 and adjusted operating income margin of about 17 percent.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Bernard Orr

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