Mondelez Int'l beats by $0.09, reports revs in-line; reaffirms guidance :
- Reports Q1 (Mar) earnings of $0.48 per share, excluding non-recurring items, $0.09 better thanthe Capital IQ Consensus of $0.39; revenues fell 16.8% year/year to $6.46 bln vs the $6.42 bln Capital IQ Consensus. Operating Income margin was 11.2%, up 80 basis points; Adjusted operating income margin expanded 240 basis points to 15.1%.
- Organic Net Revenue grew 2.1%, as the company increased volume/mix in developed markets and raised prices to recover currency-driven input cost inflation in inflationary markets. Power Brands2 grew 3.8 percent. Organic Net Revenue from emerging markets3 was up 3.6 percent and developed markets4 increased 1.3 percent.
- Mark Clouse, Chief Commercial Officer, to leave company to become CEO of a North American publicly traded food company
- Reaffirms guidance: Organic Net Revenue Growth at least 2% (reduces FX headwind to 300 bps from 600 bps); Adjusted Operating Income Margin 15% to 16%; Adjusted EPS Double-digit growth on a constant currency basis (FX headwind to $0.05 from $0.13); Free Cash Flow excluding items at least $1.4 billion.
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