Oreo maker Mondelez says demand for its snacks remains ‘elevated’

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Shares of Mondelez International Inc. fell more than 1% in the extended session Monday after the snacks giant topped Wall Street views for its third quarter and said demand for its products in developed countries remains “elevated.” Mondelez said it earned $1.12 billion, or 78 cents a share, in the quarter, compared with 98 cents a share in the year-ago quarter. Adjusted for one-time items, Mondelez earned $914 million, or 63 cents a share. Revenue rose 5% to $6.67 billion, the company said. Analysts polled by FactSet expected Mondelez to report adjusted earnings of 62 cents a share on sales of $6.48 billion. “Our third-quarter performance was strong across all key metrics, with broad-based revenue growth as demand remained elevated in developed markets and sequentially improved in emerging markets,” the company said in a statement. Mondelez said it expects 2020 revenue growth of more than 3.5%, and adjusted EPS growth of more than 5%. Shares of Mondelez ended the regular trading day up 2.3%.
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