Feb 12 Cadbury chocolate seller Mondelez
International Inc on Wednesday reported quarterly
profit that fell short of Wall Street estimates amid weak global
demand for packaged food and vowed to do better in 2014.
Shares in Mondelez, which also makes Oreo cookies and
Trident gum, fell 3 percent to $32.20 in extended trading after
the company noted significant softness in its cookie business in
Deerfield, Illinois-based Mondelez said fourth-quarter net
earnings totaled $1.7 billion, or $1 per share, including a
91-cent gain from the resolution of arbitration over Kraft's
grocery coffee sales battle with Starbucks Corp.
Adjusted earnings for the latest quarter were 42 cents per
share, including a two-cent-per-share hit from currency
translation. Analysts, on average, expected a profit of 44 cents
per share, according to Thomson Reuters I/B/E/S.
Net revenue was down 0.1 percent to $9.49 billion, but
organic net revenue, which strips out the impact of acquisitions
and other items, rose 2.5 percent.
Its gum business performed well, but its China business took
a hit as distributors there reduced biscuit, or cookie,
Mondelez on Wednesday said its organic revenue growth rate
would be "at or above our category growth rate," which it
forecast at about 4 percent in 2014.
"We're disappointed that our results were below what we and
our shareholders originally expected," Mondelez Chairwoman and
Chief Executive Irene Rosenfeld said in a statement. "We're
committed to improving results in 2014 and beyond."
Mondelez, which was spun off from Kraft in 2012, has
estimated full-year earnings of $1.78 to $1.78 per share.
Analysts, on average, had expected profit of $1.71 per share in
2014, according to Thomson Reuters I/B/E/S.