Mondelez raises 2019 sales outlook, posts rise in revenue
Adds financial details, company background
CHICAGO, Oct 29 (Reuters) - Oreo maker Mondelez International Inc MDLZ.O raised its 2019 sales forecast on Tuesday after reporting a 1.1% rise in third-quarter revenue, driven by higher demand in emerging markets and North America.
Mondelez said it expects full-year organic net revenue growth of over 3.5%, up from the Illinois-based company's previous forecast of over 3% growth. Mondelez also said it now expects adjusted earnings per share growth of 5% to 7% on a constant-currency basis.
The company has been investing in marketing and creating new products to suit shoppers in emerging markets like China and India, where rising incomes and e-commerce sales have countered slow demand in developed countries.
Mondelez reported third-quarter earnings of $1.42 billion, or 98 cents per share, up from $1.19 billion, or 81 cents per share a year earlier. The company earned 64 cents a share on an adjusted basis, beating analysts' estimate of 60 cents of according to Refinitiv I/B/E/S data.
Net revenue rose to $6.36 billion in the quarter ended Sept. 30 from $6.29 billion a year earlier, just beating analysts' estimate of $6.34 billion.
Shares of Mondelez were flat in extended trading.
(Reporting by Richa Naidu in Chicago Editing by Matthew Lewis)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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