Mondelez (NASDAQ:MDLZ) International's third-quarter results for 2023 have surpassed the Zacks Consensus Estimate, resulting in a 2.5% post-market shares increase on Wednesday. The robust performance was primarily driven by the strength of its categories, brands, geographies, and the recent acquisitions of Clif Bar and Ricolino.
The company reported solid revenue and profit growth across all regions due to an impressive volume/mix. Adjusted earnings saw a rise of 16.7% on a constant-currency basis, reaching 82 cents per share. Net revenues also advanced by 16.3% year over year to $9,029 million, propelled by a strong organic net revenue growth of 15.7%.
Revenues from emerging markets and developed markets increased to $3,527 million and $5,502 million respectively. Adjusted gross profit rose by $648 million at cc, leading to an expansion in the margin to 38.6%. Meanwhile, the adjusted operating income rose by $307 million at cc, expanding the margin to 16.7%.
Mondelez ended the quarter with cash and cash equivalents of $1,610 million, long-term debt of $16,411 million and total equity of $28,560 million. The company returned $0.6 billion to shareholders in cash dividends and share repurchases during the reported quarter.
Following these strong results, Mondelez updated its full-year guidance for 2023. The company now expects organic net revenue growth of 14-15%, up from an earlier projection of over 12%. Alongside this, it also anticipates more than a 16% growth in adjusted earnings per share (EPS) on a constant-currency basis, up from the previous forecast of more than 12% growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.