Mondelez (NASDAQ: MDLZ) reported Q3 EPS of $0.63, $0.01 better than the analyst estimate of $0.62. Revenue for the quarter came in at $6.67 billion versus the consensus estimate of $6.48 billion.

"Our third quarter performance was strong across all key metrics, with broad-based revenue growth as demand remained elevated in Developed Markets and sequentially improved in Emerging Markets. Our teams are executing well and we continue to deliver share gains by meeting the needs of customers and consumers, despite the uncertainties caused by COVID-19. Our strategy remains unchanged and we are accelerating certain initiatives and increasing the investment behind our brands to further support long-term sustainable growth," said Dirk Van de Put, Chairman and Chief Executive Officer.

GUIDANCE:

Mondelēz International provides guidance on a non-GAAP basis, as the company cannot predict some elements that are included in reported GAAP results, including the impact of foreign exchange. Refer to the Outlook section in the discussion of non-GAAP financial measures below for more details.

For 2020, the company expects Organic Net Revenue growth of 3.5+ percent. The company expects Adjusted EPS growth of 5+ percent on a constant-currency basis. The company estimates currency translation would decrease 2020 net revenue growth by approximately 3 percent3 with a negative $0.04 impact to Adjusted EPS3. The company expects Free Cash Flow of approximately $3 billion.

Guidance is provided in the context of greater than usual volatility as a result of COVID-19. The company strategy and long-term algorithm remain unchanged.

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