Mondelez 1Q Revenue Rises, Pricing Offsets North America, Volume Hit

By Sabela Ojea

Mondelez International said revenue rose slightly in the latest quarter, as higher prices offset a weaker performance in North America and lower volumes.

The Chicago-based snack foods company on Tuesday posted a first-quarter net profit of $1.42 billion, or $1.04 a share, compared with $2.08 billion, or $1.52 a share, for the same period a year earlier.

Stripping out one-time items, the company's earnings per share came in at 95 cents.

Revenue rose 1.4% to $9.29 billion, beating Wall Street expectations of $9.16 billion, according to FactSet. The company saw a 2.1% drop in its North America topline performance, while sales in Europe and Latin America rose 1.8% and 8.9%, respectively.

Mondelez said organic net revenue rose 4.2% in the period as a result of higher prices, which offset lower volumes.

"Despite facing a challenging and dynamic operating environment, our teams remained focused and agile in executing against our long-term growth strategy," Chief Executive Dirk Van de Put said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 30, 2024 16:39 ET (20:39 GMT)

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