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Mondelez International has beaten market expectations for revenues and profits in the third quarter.
The “robust” performance was driven by higher pricing and volume growth.
Net organic revenues increased 5.4% to $9.2bn, while adjusted operating profits rose 21% to $1.7bn.
However, currency headwinds and commodity hedging, along with the divestment of its chewing gum business in 2023, led to a 16.4% fall year on year to operating profits at reported level.
The Cadbury owner experienced particularly strong growth in Europe, with sales up 7.7% in the quarter, while Asia, Middle East & Africa was up 3.4%. Sales in North America fell 0.7%.
“We posted robust results for Q3, with accelerated top-line growth, strong earnings and attractive cash flow generation,” said CEO Dirk Van de Put. “These results were driven by our commitment to executing with excellence across our categories, markets and brands.
“We remain focused on reinvesting behind our brands, driving distribution, expanding our capabilities and maintaining cost discipline.
Morning update
Lidl has agreed to buy the freehold premises of motor dealer Caffyns in Lewes, East Sussex. A statement on the London Stock Exchange by the listed group said the £4.7m sale to the Lidl of its Lotus showroom was subject to the successful outcome of ground surveys on the premises, to be conducted by the discounter.
Imperial Brands has kicked off its £1.3bn share buyback programme by buying a tranche of shares worth £625m.
AIM-listed MicroSalt, which makes salt with 50% less sodium, said it has received several new bulk purchase orders including from a new B2B customer.
The business already supplies one of the world’s largest food, soft drink and snack manufacturers, with the new order coming from the Canadian operations of one of the world’s largest spice and ingredient companies.
CEO Rick Guiney said: “We are very excited to have received a significant new initial order for MicroSalt to replace traditional salt in a major product line, adding to product lines previously launched with a globally recognised customer.”
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