CHICAGO – Mondelez (NASDAQ:) International, Inc. (NASDAQ:MDLZ) reported better-than-expected third quarter earnings and revenue, sending shares up 1.5% in after-hours trading. The snack food giant posted robust growth and reaffirmed its full-year outlook.
Mondelez reported adjusted earnings per share of $0.99, surpassing analyst estimates of $0.85. Revenue for the quarter came in at $9.2 billion, beating the consensus estimate of $9.11 billion and representing a 1.9% increase YoY. Organic net revenue, which excludes the impact of acquisitions and currency fluctuations, grew 5.4%.
“We posted robust results for Q3, with accelerated top-line growth, strong earnings and attractive cash flow generation,” said Dirk Van de Put, Chair and Chief Executive Officer. “These results were driven by our commitment to executing with excellence across our categories, markets and brands.”
The company reaffirmed its 2024 outlook, expecting organic net revenue growth at the upper end of 3% to 5% and high single-digit adjusted EPS growth on a constant currency basis. Mondelez anticipates free cash flow of over $3.5 billion for the year.
Volume and mix grew 0.3% in the quarter, while diluted EPS declined 12.5% to $0.63. Year-to-date cash from operating activities stood at $3.5 billion, with free cash flow at $2.5 billion.
Mondelez also announced an agreement to acquire a majority stake in Evirth, a leading manufacturer of cakes and pastries in China, as part of its strategy to expand its premium offerings in the fast-growing cakes and pastries segment.
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