Vending

Mondelez lifts Q2 2023 sales, earnings

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July 28, 2023

Mondelez International Inc. boosted its Q2 2023 results in part on its 2022 acquisitions, according to a press release.

Highlights include:

• Net revenues increased 17% from $7.27 billion in Q2 2022 to $8.51 billion in the quarter ending June 30, 2023, driven by organic net revenue growth of 15.8% and incremental sales from the company's 2022 acquisitions of Clif Bar and Ricolino, partially offset by unfavorable currency.
• Pricing drove organic revenue growth as volume/mix was flat for the second quarter.
• Net earnings rose from $747 million to $944 million in the comparative quarters.
• Basic and diluted EPS both rose 27.8% from 54 cents to 69 cents.
• Adjusted EPS rose 21.5% to 76 cents, driven by strong operating gains, fewer shares outstanding and higher equity method earnings, partially offset by higher taxes and higher interest expense.

Shares traded today at $75.03 against a 52-week range of $54.72 to $78.59.

The $8.51 billion in quarterly revenue beat analyst expectations by $300 million while the non-GAAP EPS of 76 cents beat expectations by 7 cents, according to Seeking Alpha.

"I am pleased with our second quarter results, which demonstrate broad-based strength across our business, with strong, profitable top-line growth in all regions and categories," Dirk Van de Put, chairman and CEO, said in the press release. "Continuous reinvestment in our brands and capabilities, combined with ongoing price execution, cost discipline and strong volume/mix performance drove these results."

For 2023, the company is updating its 2023 fiscal outlook and now expects 12% organic net revenue growth versus the prior outlook of 10%, which reflects the strength of its year-to-date performance. The company's expectation for adjusted EPS growth on a constant currency basis is now 12% versus the prior outlook of 10%.