Mondelēz third-quarter earnings jump 81.2%

Mondelēz International has booked an 81.2% increase in third-quarter net profit, thanks to revenue and margin growth.

Net earnings reached $993 million for the three months to 30 September, compared to $548m in the same period of the prior year.

Net revenues increased 2.1% to $6.53bn from $6.40bn, driven by organic net revenue growth and currency tailwinds.

Gross profit margin rose 20 basis points to 39.1%, thanks primarily to lower restructuring programme implementation costs and favourable mark-to-market comparisons, partially offset by malware-related expenses.

“We’re pleased with our improving revenue growth, driven by the strength of our power brands, continued momentum in emerging markets and Europe,” says chairman Irene Rosenfeld.

“We posted another quarter of strong expansion in operating income margin and earnings. We’re making good progress on many of our key strategic initiatives and remain confident in our ability to deliver long-term, sustainable growth on both the top and bottom lines.”

For the nine month period, net earnings jumped 34.9% to $2.13bn from $1.58bn the year before, while net revenues edged down 1.2% to $18.93bn from $19.15bn the prior year.

Dirk Van de Put succeeds Rosenfeld this month, after being appointed CEO earlier this year. Van de Put joins the company from McCain Foods where he has served as president and CEO. Rosenfeld will continue as chairman of the board until 31 March 2018, at which point she will retire and Van de Put will also assume the role of chairman.

Prior to joining McCain, Van de Put held executive positions with Novartis, Groupe Danone, The Coca-Cola Company and Mars.

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