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Investing.com – Mondelez (NASDAQ:MDLZ) reported Monday third-quarter earnings that met expectations and revenue that topped estimates on elevated demand in developed markets and improved quarterly performance in emerging markets.
Mondelez shares fell 1.4% in after-hours trade following the report.
Mondelez announced earnings per share of $0.63 on revenue of $6.67B. Analysts polled by Investing.com anticipated EPS of $0.63 on revenue of $6.49B.
“Our third quarter performance was strong across all key metrics, with broad-based revenue growth as demand remained elevated in Developed Markets and sequentially improved in Emerging Markets,” the company said.
Gross profit margin increased 20 basis points to 39.9%, underpinned by volume leverage, pricing and productivity, though partially offset by higher raw material costs and incremental Covid-19 related costs, the company said.
Looking ahead to full-year 2020, Mondelez guided organic net revenue to rise 3.5% and adjusted EPS to grow 5% on a constant-currency basis. The currency translation is forecast to lower 2020 net revenue growth by approximately 3% with a negative $0.04 impact to adjusted EPS.
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