Mondelez Q3 Profit Rises; Lifts FY Outlook

(RTTNews) - Mondelez International Inc. (MDLZ) posted third quarter net earnings attributable to $984 million or $0.72 per share up from $532 million or $0.39 per share in the prior year.

Adjusted earnings per share was $0.82, up 16.7 percent on a constant currency basis primarily driven by strong operating gains, lower interest expense and fewer shares outstanding, partially offset by higher taxes, lower benefit plan non-service income and lower equity method investment net earnings.

Net revenues were $9.03 billion up from $7.76 billion in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share and revenues of $8.34 billion for the third quarter. Analysts' estimates typically exclude special items.

For 2023, the company updated its 2023 fiscal outlook and now expects 14 to 15 percent organic net revenue growth versus the prior outlook of 12+ percent.

The company's expectation for adjusted earnings per share growth on a constant currency basis is now approximately 16 percent versus the prior outlook of 12+ percent.

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