Mondelez Tops Third-Quarter Estimates

Consumer brands food maker sees revenue jump in North American markets in latest quarter.
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Mondelez International  (MDLZ) - Get Report reported adjusted earnings of 63 cents a share on revenue of $6.665 billion after the close Monday, topping analyst estimates.

The company had been expected to report earnings of 62 cents a share, on sales of $6.5 billion, based on a FactSet survey of 20 analysts.

In the same period a year ago, the company posted earnings of 64 cents a share on sales of $6.4 billion. 

Mondelez's revenue was helped by a surge in the North American region of 12.9% during the quarter. Overall sales rose 4.9%

During the quarter, "demand remained elevated in developed markets and sequentially improved in emerging markets, said Dirk Van de Put, chairman and CEO, in a statement. 

The stock has fallen 4.7% since the company last reported earnings on July 28.

Mondelez has benefited from lockdown orders which have kept consumers in and eating more at home, in recent months. But the company has also seen its costs rise due to additional supply and safety expenses. 

"Our teams are executing well and we continue to deliver share gains by meeting the needs of customers and consumers, despite the uncertainties caused by COVID-19. Our strategy remains unchanged and we are accelerating certain initiatives and increasing the investment behind our brands to further support long-term sustainable growth," Van de Put said.

Mondelez makes a broad range of consumer branded food products including cereals and crackers. 

In the upcoming quarter, analysts are forecasting net income of $958.5 million, or 67 cents a share, on sales of $7.1 billion.

For the year, analysts project revenue of $26.3 billion.

Shares of Mondelez rose 66 cents, or 1.2%, to $55  in after-hours trading Monday.