Mondelez Results Boosted by International Sales
April 30 2019 - 4:03PM
Dow Jones News
By Micah Maidenberg
Mondelez International Inc. leaned on overseas markets to drive
its results in its latest quarter, reporting a
stronger-than-expected adjusted profit.
The maker of Oreo cookies, Ritz crackers and Wheat Thins on
Tuesday reported earnings of 65 cents a share in the first quarter
after excluding acquisitions, divestitures and foreign-currency
fluctuations.
Analysts had forecast 61 cents a share on that metric, according
to FactSet.
Mondelez said comparable sales, which exclude currency effects
and other swings, rose faster in all of its international markets,
led by a 6.1% gain in Asia, the Middle East and Africa. Stronger
sales volumes boosted comparable sales in Europe by 2.7%, but those
sales were weaker in North America, where the company notched a
0.5% gain following price increases.
Last year, the company announced it would raise prices in the
U.S. and Canada to combat rising transportation and ingredient
costs.
Mondelez said it pushed up prices by 2% in North America in the
quarter.
A range of big food companies are pursuing price increases after
a long stretch of low inflation. Retailers, which want to keep
prices low to draw in consumers, have been more open to increases
lately as the economy has grown.
Overall, first-quarter sales fell 3.4% to $6.54 billion,
compared with $6.55 billion that analysts predicted for the
period.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
April 30, 2019 16:48 ET (20:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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