Cadbury parent reports $9.36 billion in second-quarter revenue and 73 cents adjusted profit as lower cocoa costs ease margin pressure.
Mondelez International beat Wall Street estimates for second-quarter revenue and profit, helped by steady demand for its chocolates and biscuits and lower cocoa costs that eased margin pressure. The Cadbury parent posted net revenue of $9.36 billion for the quarter, above analysts’ average estimate of $9.20 billion compiled by LSEG, and reported adjusted profit of 73 cents versus expectations of 68 cents. The company said a global cocoa surplus drove down cocoa costs, giving it more room to attract shoppers with promotions and value packs. Mondelez also expects annual organic net revenue to grow 2%, compared with its earlier forecast of flat to up 2%, while maintaining its annual adjusted profit outlook of flat to up 5%. It had previously said it was expanding zero-sugar and gluten-free Oreo ranges as consumers pay closer attention to sugar intake and nutrition choices.