Oreo-maker Mondelez fourth quarter profit misses; shares fall
(Reuters) - Mondelez International Inc (MDLZ.O) reported lower-than-expected quarterly earnings on Wednesday, due to a decline in sales despite improvements in its business in Brazil and Russia.
Shares of the company, which makes Oreo cookies and Cadbury chocolate, were down 4.4 percent in after hours trading.
The newly independent company said net profit was $534 million, or 30 cents per share, in the fourth quarter, down from $830 million, or 47 cents per share, a year earlier.
Excluding items, earnings were 36 cents per share. Analysts on average were expecting 38 cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell 1.9 percent to $9.50 billion. Analysts expected $9.69 billion.
The company stood by its 2013 outlook for revenue growth at the low end of the 5 to 7 percent range. It raised its forecast for operating earnings to a range of $1.52 to $1.57 per share, due to changes in currency exchange rates.
It earlier forecast $1.50 to $1.55 per share.
Shares fell to $26.75 in after hours trade, from their close on the Nasdaq at $27.75.