Mondelez International surged to all-time highs Friday after the confectionary, snack and beverage company beat first-quarter estimates.
Chicago-based Mondelez makes chocolate, biscuits, candy, gums and powdered drink products. It's one of the largest snack companies in the world and supplies more than 150 countries with sweets. Mondelez's portfolio includes Oreo, Toblerone, Ritz, Chips Ahoy, Cadbury, belVita and Trident among other notable brands.
The website claims Mondelez is the global leader in biscuit sales, including cookies and crackers, and holds the No. 2 spot in chocolate.
Mondelez Earnings
Results: Mondelez reported adjusted earnings spiked 17.3% to 89 cents per share on 18.1% revenue growth to $9.17 billion. GAAP earnings rocketed 149% to $1.52 per share and management noted organic revenue grew 19.4%.
Expectations: Analysts polled by FactSet saw adjusted earnings weakening 3.6% to 81 cents per share a 9% sales jump to $8.46 billion.
In 2022, Mondelez averaged 4.25% quarterly earnings growth and an average 9.75% sales increase.
Outlook: Mondelez expects organic net revenue to grow more than 10% in 2023, up from the previous outlook of 5% to 7%. The company forecasts adjusted earnings rising 10% or more, compared to the prior outlook of high-single digit growth. Mondelez kept its free cash flow outlook at $3.3 billion-plus. The company says the updated outlook reflects the strength of its year-to-date performance.
However, Mondelez estimates currency translations will increase 2023 net revenue by about 2%, which would reduce adjusted earnings per share by 9 cents.
For fiscal 2023, analysts forecast adjusted earnings rise 7.5% to $3.17 per share on 11% sales growth to $34.96 billion.
MDLZ Stock
Mondelez International ranks second in the Food-Confectionery Group according to the IBD Stock Checkup. It only trails colossal chocolate company Hershey.
MDLZ stock rose nearly 3.9% to 76.72 Friday, peaking at a record high of 78.59 intraday as it continues ascending out of the buy zone for its flat base. Shares first surpassed the 68.91 buy point on March 24.
Mondelez stock bolted 18.5% over the past three months and is up 15.1% so far this year.
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