=Mondelez Int'l (MDLZ) reported earnings on Wed 26 Oct 2016 (b/o)

Mondelez Int'l beats by $0.09, reports revs in-line; increases Adj-EPS outlook, trims organic net revenue growth outlook :

• Reports Q3 (Sep) earnings of $0.52 per share, $0.09 better than the Capital IQ Consensus of $0.43; revenues fell 6.6% year/year to $6.4 bln vs the $6.44 bln Capital IQ Consensus.
• Gross profit margin was 38.9 percent, a decrease of 10 basis points, driven primarily by higher Restructuring Program costs partially offset by the deconsolidation of the company's Venezuelan operations. Adjusted Gross Profit margin was 39.9 percent, an increase of 30 basis points. Strong net productivity and improved volume/mix was mostly offset by higher trade investments in a few key markets.
• FY16 Outlook:
  • Organic Net Revenue Growth: The company now sees growth of ~1.6% (Prior +~2%)
  • Adjusted Operating Income Margin: Continues to see margins of 15-16%
  • Adj-EPS: Now sees growth of ~25% on a constant currency basis (Prior: Double digit growth)
  • FCF: Continues to see FCF of at least $1.4 bln
  • Based on foreign exchange rates as of Oct. 21, 2016, there would be a negative translation impact on full year net revenue growth of approximately 4 percentage points and on full year Adjusted EPS of approximately $0.093 (from approximately $0.08).