Thursday, October 23rd9.3°C
23711
23589

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

23015


Recent Trending




Today's Market
S&P TSX14312.07-235.64
S&P CDNX808.00-14.28
DJIA16461.32-153.49
Nasdaq4382.847-36.632
S&P 5001927.11-14.17
CDN Dollar0.8890-0.0005
Gold1239.70-5.80
Oil79.92-0.21
Lumber330.40+1.70
Natural Gas3.656-0.003

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.055-0.025
Anavex Life Sciences0.198+0.006
Metalex Ventures0.05+0.005
Russel Metals32.53-0.56
Copper Mountain Mining2.10-0.07
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.405-0.055

 





FEATURED Property
20277101607 Merlot Drive, West Kelowna
4 bedrooms 3 baths
$669,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22771