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Packaged food makers have steadily raised prices on everything from cookies to beef jerky as they try to protect their margins from increased costs tied to labor, ingredients and transportation without drawing consumers’ ire.
The Cadbury chocolate maker expects 2022 organic net revenue to rise by more than 8%, compared with its prior estimate of more than 4%.
Net revenue rose to $7.27 billion for the second quarter from $6.64 billion a year earlier.
Analysts were expecting revenue of $6.78 billion, according to IBES data from Refinitiv.
Shares of the company, which kept its 2022 earnings forecast unchanged, rose 1% in extended trading.
