Monday, September 1st22.9°C
22736
20700

Oreo cookie maker Mondelez reports profit, revenue shy of Wall Street expectations

NEW YORK, N.Y. - Mondelez reported a fourth-quarter profit Wednesday that fell short of Wall Street expectations as the Oreo maker struggled with cookie sales in China.

The company, which also makes Cadbury, Chips Ahoy, Ritz and Trident gum, said its core revenue for the final three months of the year rose 2.5 per cent, primarily as a result of higher volume.

Although gum sales in China were strong in the quarter, weak cookie sales dragged down results by a percentage in the "mid-teens." The company experienced similar problems in the previous quarter, and CEO Irene Rosenfeld had attributed the decline in part to China's cooling economy.

At the time, Rosenfeld said Mondelez was working to address the issues through a variety of measures, such as finding the right package sizes and prices.

Looking ahead, Mondelez expects its core revenue to grow about 4 per cent for the year. It had previously forecast growth of 4 per cent to 5 per cent. The company expects adjusted earnings for 2014 to come in between $1.73 to $1.78, better than the $1.71 Wall Street had expected.

For the quarter, Mondelez International earned $1.77 billion, or $1 per share. That compares with $569 million, or 32 cents per share, a year ago.

But the latest quarter's results included a sizeable gain tied to the resolution of its arbitration with Starbucks over the breakup of its packaged coffee partnership. Not including such items, the company earned 42 cents per share. That was short of the 44 cents per share Wall Street had expected.

Revenue slipped to $9.49 billion. That was also below the $9.6 billion analysts expected.

The Canadian Press


Read more Business News

20759


Recent Trending




Today's Market
S&P TSX15625.73+67.561
S&P CDNX1023.991.62
DJIA17098.4518.88
Nasdaq4580.271+22.577
S&P 5002003.37+6.63
CDN Dollar0.9186-0.0008
Gold1281.70-2.1001
Oil95.96+1.29
Lumber349.60+2.60
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.0750.00
Russel Metals36.48+0.09
Copper Mountain Mining2.93+0.02
Colorado Resources0.180.00
ReliaBrand Inc0.10+0.001
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.245-0.005

 



22929

FEATURED Property
1242932West kelowna
more details
image2image2
Click here to feature your property
Please wait... loading


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...

_








Member of BC Press Council


22810