Mondelez unveils ‘solid’ Q1 results | Progresiv
Mondelez International has reported slightly-better-than-expected results for its fiscal first quarter, despite what it termed as “challenging market conditions”. 
For the three months to 31 March, net profit was up 13.7% to 630 million dollars, although it grew by a more modest 3.8% on an adjusted basis. Meanwhile, operating profit was up 16.3% to 840 million dollars (+6% adjusted).
Overall revenue dipped by 0.6% to 6.4 billion dollars, hurt by a 0.5% decline in volumes, although organic revenue was up 0.6%. The group’s results were propped up by results in Latin America, where revenues grew by 11.4% (+3.4% organic), which offset a 3.4% drop in Europe (+1% organic), and a 1.6% decline in both North America (-1.9% organic) and in Asia, Middle East & Africa (+1.3% organic).
CEO Irene Rosenfeld noted: “We delivered both top-line organic growth and strong margin expansion in the quarter, while also making critical investments for our future.”
Mondelez added that it continues to expect revenue to grow by at least 1% on an organic basis and adjusted earnings per share to grow by double digits (constant-currency basis). (www.kamcity.com)
