Mondelez, the maker of Cadbury, increases annual forecasts due to high demand.
(Reuters) – Mondelez International is on the rise, raising its full-year growth forecasts for the second time this year. Despite multiple rounds of price increases, the demand for the Oreo maker’s snacks and chocolates remains strong. This positive news has led to a 2.7% increase in shares of the Cadbury chocolate maker during after-hours trading. Mondelez International has also exceeded estimates for the second quarter.
Major packaged-food makers like Hershey, Campbell Soup, Cheerios maker General Mills, and Nestle have successfully increased prices to protect their margins from rising raw material and transportation costs. Edward Jones analyst Brittany Quatrochi commented, “Strong sales and better productivity drove a solid increase in profitability.”
Hershey, another candy maker, has also raised its annual profit forecast, indicating that consumers continue to spend on their favorite cookies, gum, and candy. CFO Luca Zaramella stated, “Overall, the consumer remains resilient, with elasticities holding up relatively well in chocolate and biscuit.”
Mondelez International has experienced double-digit organic revenue growth across regions, including Europe, Latin America, and North America, which has positively impacted its margins. Executives are particularly pleased with the company’s performance in China, especially in the gum segment.
However, the company faced a volume decline in Europe due to price negotiations with retailers. CEO Dirk Van de Put assured, “Now that pricing is 100% secured, we expect volume and revenue growth, as well as margin improvement for Europe.”
The Toblerone maker now expects full-year organic net revenue and adjusted per-share profit growth of more than 12%, compared to the previous outlook of a 10% increase. Additionally, Mondelez has sold its remaining stake in Keurig Dr Pepper for $704 million in proceeds.
Source: One America News
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