Mondelez trims sales outlook; 3Q profit beats by a penny
NEW YORK, N.Y. – Oreo cookie maker Mondelez reported a jump in quarterly profit and raised its earnings outlook for the year, citing plans to improve productivity.
But the company, which owns Cadbury, Ritz and Trident, trimmed its revenue projection, in part because of disappointing results in China.
For the quarter, Mondelez International Inc. says it earned $1.02 billion, or 57 cents per share. Not including one-time items, it earned 41 cents per share, or a penny more than Wall Street expected.
A year ago, it earned $652 million, or 36 cents per share.
Revenue rose to $8.47 billion but was shy of the $8.58 billion analysts expected.
Mondelez has been under pressure from investors to improve its performance after splitting from Kraft Foods last year.
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