Mondelez (MDLZ) Tops Q1 EPS by 3c; Withdraws Outlook

Mondelez (NASDAQ: MDLZ) reported Q1 EPS of $0.69, $0.03 better than the analyst estimate of $0.66. Revenue for the quarter came in at $6.7 billion versus the consensus estimate of $6.61 billion.

"We had a strong first quarter, with record market share gains, and executed very well in challenging circumstances, thanks to the dedication and commitment of our colleagues, especially those on the front line, who are working tirelessly to provide food to consumers around the world," said Dirk Van de Put, Chairman and Chief Executive Officer. "In the last month of the quarter, we saw a significant increase in consumer demand for our snacks in developed markets, particularly in North America, which more than offset a more challenging environment in several emerging markets.

"Our priority at this time is to protect our colleagues and maintain business continuity in service of our customers and consumers around the world. We remain confident that with our dedicated people, our portfolio of trusted global and taste-of-the-nation local brands, our strong balance sheet, access to significant liquidity and our clear strategic priorities, we have everything we need to manage through this pandemic and emerge stronger on the other side."

GUIDANCE:

Due to the COVID-19 pandemic, visibility is limited at this time in a number of markets, so the company is temporarily withdrawing its full-year outlook. The company strategy and long-term algorithm remain unchanged.

For earnings history and earnings-related data on Mondelez (MDLZ) click here.

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