© Reuters. FILE PHOTO: Mondelez International logo can be seen at Opfikon
(Reuters) – Mondelez International Inc (NASDAQ 🙂 topped market expectations for quarterly revenue and earnings on Tuesday as consumers in Asia, Africa and Europe stocked up on healthy cookies and snacks amid COVID lockdowns- 19, raising its shares 3.5%.
Food and snack makers saw sales surge during the pandemic as consumers curled up at home and sought comfort from well-known brands.
Mondelez has focused on low-calorie, low-sugar products with the acquisition of vegan chocolatier Hu and protein bar company Grenade, which seek to tap the growing demand for healthier options among consumers by cutting out highly processed foods.
“We have seen continuous improvement in emerging markets, healthy demand in developed markets,” said CEO Dirk Van de Put.
Asia, Middle East and Africa segment net revenues increased 16.2% to $ 1.75 billion, while European market revenues increased 10.2% to $ 2.85 billion.
Mondelez, Hershey and other chocolatiers have harnessed the power of social and digital media to predict consumer buying trends during the Easter pandemic.
Mondelez’s revenue rose to $ 7.24 billion from $ 6.71 billion a year ago, beating analysts’ average estimate of $ 7.02 billion, according to IBES data from Refinitiv .
Net income attributable to the company was $ 961 million, or 68 cents per share, in the first quarter ended March 31, from $ 736 million, or 51 cents per share, a year earlier.
Excluding items, cookie maker Oreo gained 77 cents a share, beating the average analyst estimate of 69 cents.
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