Mondelez First-quarter Earnings Beat Estimates, CCO To Leave Company

Mondelez International Inc. shares are up 2.4% in Wednesday premarket trading after the company reported first-quarter earnings that beat estimates and reaffirmed its full-year 2016 guidance. The food producer said it had net income of $554 million, or 35 cents per share, up from $324 million, or 19 cents per share, for the same period last year. Adjusted earnings were 48 cents per share, exceeding the FactSet estimate of 40 cents per share. Revenue for the quarter totaled $6.5 billion, down 16.8% from $7.8 billion last year, but above the FactSet consensus of $6.4 billion. Mondelez reaffirmed its full-year 2016 outlook, forecasting double-digit adjusted earnings per share growth on a constant currency basis. The company also announced that its chief commercial officer Mark Clouse is leaving the company after 20 years. He will join Pinnacle Foods Inc. , effective May 23. The company will not appoint a new CCO. Mondelez shares are up 15.5% for the past year while the S&P 500 is down 0.8% for the same period.