Mondelez Analysts Boost Their Forecasts After Upbeat Earnings

Author: Avi Kapoor | July 31, 2024 02:22pm

Mondelez International, Inc. (NASDAQ:MDLZ) reported better-than-expected second-quarter adjusted EPS results and raised its dividend on Tuesday.

Mondelez International reported quarterly earnings of 86 cents per share which beat the analyst consensus estimate of 79 cents per share. The company reported quarterly sales of $8.343 billion which missed the analyst consensus estimate of $8.454 billion.

Mondelēz raised its quarterly dividend by 11% from 42.5 cents to 47 cents per share.

“We continued to execute against our strategic growth agenda in the second quarter with strong profitability and attractive cash flow generation. Our performance was fueled by our commitment to reinvesting in our brands, capabilities, ongoing price execution and cost discipline,” said Dirk Van de Put, Chair and Chief Executive Officer. “We are well positioned for the second half of the year with the completion of European pricing, the addition of new value offerings in the U.S. and significant distribution runway across key emerging markets. Our teams remain focused on delivering our long-term growth agenda while remaining agile in this dynamic operating environment.”

Mondelez shares gained 3.2% to trade at $69.20 on Wednesday.

These analysts made changes to their price targets on Mondelez following earnings announcement.

• Piper Sandler analyst Michael Lavery maintained Mondelez International with an Overweight rating and raised the price target from $76 to $78.
• JP Morgan analyst Ken Goldman maintained Mondelez with an Overweight rating, while increasing the price target from $72 to $73.

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