Investors showed their sweet tooth for the maker of Oreo cookies on Tuesday, Oct. 30, a day after snack food company Mondelez International Inc. (MDLZ) - Get Report released strong third-quarter earnings.
Shares of Mondelez were up 3.4% after reporting adjusted earnings per share of 62 cents in the third quarter, beating Zacks estimates by a penny per share and rising 5 cents from the same time last year.
Net revenue, however, declined 3.7% to about $6.29 billion because of currency, said the company.
The company - which owns Nabisco and other subsidiaries - saw "good momentum" in emerging markets, said Dirk Van de Put, CEO of the Deerfield, Illinois-based company, in a press statement.
In an interview with The Wall Street Journal, Van de Put said Tuesday the company plans to raise prices in North America during 2019 because of increasing costs of ingredients and transportation.
Mondelez also expects leadership changes in Europe this coming year, according to the earnings report. Vinzenz Gruber who serves as president of Western Europe operations will become the executive vice president and president of European operations once Hubert Weber resigns from the position at the end of January, after serving for nearly three decades.
Mondelez has sales in 160 countries and owns brands such as Oreo cookies, Trident gum, Cadbury Dairy Milk, Toblerone and Sour Patch Kids candy.