Mondelez International Inc. reported quarterly sales that fell short of Wall Street expectations and lowered its forecast for the year.
The maker of Oreo, Cadbury and Trident cited the challenging economic environment in scaling back its forecast for core sales growth of 2 to 2.5 percent. It had previously forecast growth of 3 percent.
For the quarter ended June 30, the company earned $622 million, or 36 cents per share. Not including one-time items, it earned 40 cents per share, which was a penny more than expected, according to Zacks Investment Research.
A year ago, it earned $601 million, or 33 cents per share.
Revenue declined 1.8 percent to $8.44 billion and fell short of the $8.71 billion analysts expected.