Mondelez Shares Fall After Sales Miss Estimates

Mondelez International Inc. shares fell 1.2% in Wednesday premarket trading after the food giant reported second-quarter sales that missed estimates. The company reported net income of $464 million, or 29 cents per share, up from $406 million, or 25 cents per share, for the same period last year. Adjusted earnings were 44 cents per share, beating the 40 cents per share FactSet consensus. Revenue totaled $6.30 billion, down from $7.66 billion for the same period last year and falling short of the $6.33 billion FactSet consensus. The 17.7% revenue decline was driven by Mondelez's deconsolidation of the coffee business and the Venezuela operations, as well as currency headwinds, the company said. The company expects adjusted EPS to rise between 3 cents and 5 cents for the year. Mondelez reported earnings of $1.75 last year, and the FactSet consensus for 2016 is $1.83. Mondelez stock is up 7.7% for the past year while the S&P 500 Index is up 4.9% for the same period.