Mondelez profit jumps 57 pct as sales rise in emerging markets
Nov 6 (Reuters) - Packaged food company Mondelez International Inc reported a 57 percent jump in quarterly profit due to double-digit sales growth in Russia, Brazil and India.
Mondelez, which makes Cadbury chocolates, Oreo cookies and Trident gum, however, cut its forecast for full-year net revenue growth, citing weak biscuit sales in China and lower coffee prices.
Net income rose to $1.02 billion, or 57 cents per share, in the third quarter ended Sept. 30, from $652 million, or 36 cents per share, a year earlier.
Excluding items, the company earned 41 cents per share.
Organic net revenue, which strips out the impact of acquisitions and other items, rose 5.3 percent.
Net revenue rose 1.8 percent to $8.47 billion.
Analysts on average had expected earnings of 40 cents per share on revenue of $8.56 billion, according to Thomson Reuters I/B/E/S.
Mondelez, which was carved out of Kraft in 2012, cut its full-year organic net revenue growth expectations to about 4 percent, from 5-7 percent growth it forecast earlier.
The company's shares closed at $33.44 on the Nasdaq on Wednesday.
- Malaysian plane still missing; questions over false IDs |
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Warning shots fired to turn monitors back from Crimea |
- Malaysian plane crashed off Vietnam coast: state media