Mondelez Q2 beats views, company raises dividend by 10%, but dollar takes bigger toll in outlook


Mondelez International Inc. MDLZ, +0.29% late Tuesday reported adjusted second-quarter earnings above Wall Street expectations and increased its dividend by 10%, but said a stronger dollar could take a bigger chunk of its 2022 revenue growth. Mondelez said it earned $747 million, or 54 cents a share, in the quarter, compared with $1.08 billion, or 76 cents a share, in the year-ago period. Adjusted for one-time items, Mondelez earned 67 cents a share. Revenue increased 9.5% to $7.3 billion, the company said. FactSet consensus called for adjusted earnings of 64 cents a share on sales of $6.8 billion. For 2022, the company now expects more than 8% in net revenue growth, reflecting “the strength of its first half and higher pricing related to increased input costs,” it said. It had expected a 5% net revenue growth when it reported first-quarter earnings in April. The company’s expectation of mid- to high-single-digit adjusted EPS growth remains unchanged. Currency fluctuations, however, could decrease 2022 net revenue growth by about 5%, with a negative impact of 22 cents to the company’s adjusted EPS, Mondelez said. In April, Mondelez estimated that currency fluctuations would decrease 2022 net revenue growth by about 3% with a negative impact of 17 cents to its adjusted EPS for the year. Shares of Mondelez were flat in the extended session after ending the regular trading day up 0.3%.

This article was originally published by Read the original article here.

Previous article: Feds reportedly investigating Trump’s actions in Jan. 6 criminal probe
Next articleDow finishes down over 200 points ahead of Fed rate decision; Nasdaq off 1.9%


Please enter your comment!
Please enter your name here