Mondelez International Inc (NASDAQ: MDLZ)
Mondelez announced lower than expected sales for its fiscal 2018 third quarter after markets closed on Monday. The maker of Cadbury chocolate and Oreo Cookies saw revenues from Latin America and North America regions decline 15% and 1%, respectively.
Sales in Europe were also down 3.3% to $2.36 billion during the quarter. Shares of the company have gone down more than 3% since the beginning of the year. The stock closed the regular session at $40.11 and hardly changed in post-market trade.
MDLZ Earnings & Outlook
The company reported net income of $1.19 billion, or $0.81 per share, up 27 percent from $981 million, or $0.64 per share in the year earlier period. Adjusted for special items, earning came in at $0.62 per share.
Net sales were $6.3 billion during the quarter, down 3.7 percent from $6.5 billion in the prior-year period. Analysts were expecting the company to post earnings of $0.61 per share on revenue of $6.32 billion, according to figures compiled by Refinitiv.
For the full year, the company views organic revenue growth of nearly 2% and adjusted operating margin of 17%.
Mondelez International CEO Comments
Dirk Van de Put, Chairman and Chief Executive Officer commented, “We performed well in the third quarter. We continue to see good momentum in emerging markets, underpinned by solid volume growth and strong execution.
“We are beginning to deliver against our new long-term growth strategy by implementing a more agile innovation model and establishing a new commercial structure that will improve our consumer focus and drive greater local accountability, while igniting our global and local brand and innovation agendas,” the CEO concluded.
Mondelez International, Inc. Company Profile
Mondelez International, Inc., through its subsidiaries, manufactures and markets snack food and beverage products worldwide. It offers biscuits, including cookies, crackers, and salted snacks; chocolates; gums and candies; coffee and powdered beverages; and cheese and grocery products.
The company’s primary snack brand portfolio includes Nabisco, Oreo, LU, and belVita biscuits; Cadbury, Milka, Cadbury Dairy Milk, and Toblerone chocolates; Trident gums; Halls candies; and Tang powdered beverages.
It sells its products to supermarket chains, wholesalers, supercenters, club stores, mass merchandisers, distributors, convenience stores, gasoline stations, drug stores, value stores, and other retail food outlets. The products are sold through direct store delivery, company-owned and satellite warehouses, distribution centers, and other facilities, as well as through independent sales offices and agents, and e-commerce platforms.
The company was formerly known as Kraft Foods Inc. and changed its name to Mondelez International, Inc. in October 2012. Mondelez International, Inc. was founded in 2000 and is based in Deerfield, Illinois. – Yahoo Finance