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Mondelēz International 3Q2020 results

Net revenues + 4.9%, gross profit increased by 276 million dollars

Mondelēz International, today reported the company results for the third quarter of 2020. "Our third quarter performance was strong across all key metrics, with broad-based revenue growth as demand remained high in developed markets and improved sequentially in emerging markets. Our strategy remains unchanged and we are accelerating some initiatives and increasing investments to support our brands, to further increase their long-term sustainable growth", said Dirk Van de Put, president and chief executive officer.

Net revenues increased by 4.9% overall thanks to the growth in organic net revenues of 4.4%. Gross profit increased $ 276 million and margin increased 230 basis points to 41.9% thanks to higher mark-to-market earnings. Adjusted gross profit increased $ 152 million in constant currency, while adjusted gross profit margin increased 20 basis points to 39.9% due to volume, price and productivity leverage, partially offset by higher costs of raw materials. Operating profit increased by $ 259 million and margin was 17.0%, an increase of 320 basis points. Adjusted operating income increased $ 112 million at constant currency and margin increased 70 basis points to 17.5%, thanks to Sg&A leverage and expansion of adjusted gross profit margin. The results show diluted earnings per share was $ 0.78, down 20.4%, while adjusted earnings per share was $ 0.63, stable on a constant currency basis, mainly driven by operating earnings offset by unfavorable taxes.

For 2020, the company expects organic net revenue growth of 3.5%. The company expects adjusted earnings per share growth of + 5% on a constant currency basis and estimates that currency conversion could reduce 2020 net revenue growth by approximately 3% with a negative impact of $ 0.04 on adjusted earnings per share.

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