Wednesday, May 27th20.4°C
26329

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

26416


Recent Trending




Today's Market
S&P TSX15110.47+59.66
S&P CDNX690.62-1.34
DJIA18162.99+121.45
Nasdaq5106.59+73.84
S&P 5002123.48+19.28
CDN Dollar0.8015-0.0014
Gold1187.40-16.90
Oil58.58+0.35
Lumber274.00-0.40
Natural Gas2.81-0.01

 
Okanagan Companies
Pacific Safety0.13-0.01
Knighthawk0.010.00
QHR Technologies Inc1.50-0.01
Cantex0.03-0.01
Anavex Life Sciences0.42-0.01
Metalex Ventures0.08-0.01
Russel Metals25.51+0.30
Copper Mountain Mining1.28+0.00
Colorado Resources0.11+0.01
ReliaBrand Inc0.0139+0.0059
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.155+0.005
Decisive Dividend Corporation2.10+0.16

 



26361

FEATURED Property
230661614988 Carrs Landing Road
4 bedrooms 5 baths
$3,695,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_



25482

25991


Member of BC Press Council


25334