Mondelez Shares Rise After Earnings Beat, Upbeat Outlook

By Tonya GarciaMarketsMarketWatch Pulse

Mondelez International Inc. shares rose 2.3% in Wednesday premarket trading after the company reported earnings that beat expectations and forecast revenue growth exceeding estimates. Third-quarter net income was $548 million, or 35 cents per share, down from $7.27 billion, or $4.46 per share, for the same period last year. The food company said the 92% decline was related to coffee business transactions. Adjusted earnings per share were 52 cents, beating the FactSet consensus of 43 cents. Revenue was $6.40 billion, down from $6.85 billion and below the $6.45 billion FactSet estimate. Mondelez expects 2016 revenue growth of 1.6%, totaling about $28.4 billion and beating the FactSet estimate of about $26.3 billion. Shares are down 4.6% for the year so far while the S&P 500 Index is up 4.9% for the same period.

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