April 28 (Reuters) – Cadbury-parent Mondelez International beat Wall Street estimates for first-quarter revenue and profit on Tuesday, helped by steady demand for its chocolates and biscuits.
Shares of the company were up 2% after the bell.
With Mondelez having pushed through multiple rounds of price hikes during cocoa’s record rally in 2024, a global surplus that has driven down prices by around 70% so far this year has cushioned the chocolate maker’s margins.
The company reported net revenue of $10.10 billion for the first quarter, compared with analysts’ average estimate of $9.75 billion, according to data compiled by LSEG.
On an adjusted basis, Mondelez earned 67 cents per share for the quarter, compared with estimates of 61 cents per share.
“These results reflect strong execution of our consumer-centric strategy supported by increased investments behind our brands and growth platforms despite ongoing macro volatility” said CEO Dirk Van de Put.
The Toblerone maker reaffirmed its annual organic net revenue and adjusted earnings per share.
(Reporting by Koyena Das in Bengaluru; Editing by Jonathan Ananda)
