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Mondelēz raises annual forecasts as revenue increases

Mondelēz International has raised its full-year outlook for organic net revenue growth after posting a 17% increase in second-quarter sales, compared to 9.5% in the year-ago period. The owner of Cadbury and Toblerone reported revenue of $8.51 billion in Q2, compared with the $7.27 billion figure recorded in Q2 last year. Organic net revenue growth stood at 15.8%. The company continued its efforts to refocus, reshape and narrow its portfolio, announcing plans to shutter its Enjoy Life Foods baked goods factory in Indiana, US, during the quarter. During the same period, Mondelēz announced it had appointed Carlsberg’s CEO, Cees ‘t Hart, to its board of directors. In Q2, the snacks giant recorded net revenue growth of 17.8% for its emerging markets business. Meanwhile, the company’s developed markets posted net revenue growth of 16.4%, a significant increase on the 2.7% figure reported in the prior-year period.

In Europe, Mondelēz witnessed an 11.4% increase in sales to $2.93 billion, while its North America region saw 22.7% growth to $2.74 billion. In Latin America, the company’s second-quarter revenue grew 40.2% to $1.23 billion, whereas its Asia, Middle East & Africa net revenue stood at $1.61 billion, representing a 4.8% increase. Dirk Van de Put, Mondelēz’s chairman and CEO, said: “I am pleased with our second quarter results, which demonstrate broad-based strength across our business, with strong, profitable top-line growth in all regions and categories. Continuous reinvestment in our brands and capabilities, combined with ongoing price execution, cost discipline and strong volume/mix performance drove these results.” He added: “We continue to drive robust consumer demand in our core categories across the vast majority of our businesses, and our teams continue to make significant progress against our portfolio reshaping initiatives as we remain focused on accelerating strong, sustainable growth. Our strong first-half performance and category resilience provides confidence to raise both our net revenue and earnings outlooks for the year.” Mondelēz has raised its organic net revenue and adjusted EPS growth outlook for the full year to 12%.

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