=Mondelez Int'l (MDLZ) reported earnings on Mon 30 Oct 2017 (a/h)

Mondelez Int'l beats by $0.03, beats on revs; reaffirms FY17 EPS; tweaks rev lower 

• Reports Q3 (Sep) earnings of $0.57 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.54; revenues rose 2.1% year/year to $6.53 bln vs the $6.45 bln Capital IQ Consensus, driven by Organic Net Revenue growth and currency tailwinds. Organic Net Revenue increased 2.8 percent, driven by the continued strength of our Power Brands as well as strong performance in Europe and emerging markets. The co also realized an estimated net positive impact of 60 basis points from delayed shipments that moved to the third quarter as the company recovered from the malware incident. Gross profit margin was 39.1 percent, an increase of 20 basis points, driven primarily by lower Restructuring Program implementation costs and favorable mark-to-market comparisons, partially offset by malware-related expenses. Adjusted Gross Profit margin was 39.5 percent, a decrease of 60 basis points, driven by higher input costs and select trade investments in some key markets, partially offset by continued net productivity gains.
• For 2017, the company now expects Organic Net Revenue growth to be ~1% (down from at least 1%) given the larger than expected impact from the malware incident. The company still expects Adjusted Operating Income margin in the mid-16 percent range and double-digit; Adjusted EPS growth on a constant-currency basis. The company estimates full year currency translation would not result in a change to net revenue growth or Adjusted EPS. In addition, the company still expects Free Cash Flow of ~$2 billion.