Mondelez Affirms 2015 Growth Outlook And Details Cost-cut Plans

Mondelez International Inc. affirmed on Thursday its 2015 revenue growth outlook while detailing the progress it has made with its cost-cutting plans and growth initiatives. The snacking giant said it still targets organic revenue growth of at least 3% this year. The company reiterated its target for adjusted operating income margin of about 14% in 2015 and 15% to 16% in 2016. The company said it expects to cut overhead costs by at least 2.5% of revenue through 2016. That would equate to about $721 million of the 2016 FactSet revenue consensus of $28.84 billion. Mondelez said it expects e-commerce revenue to increase from less than $100 million in revenue currently to up to $1 billion by 2020. The stock, which was still inactive in premarket trade, has gained 4% over the past three months, while the S&P 500 has declined 7.8%.