Mondelez's Stock Jumps After Profit Rises Above Expectations

Mondelez International Inc. shares [mdlz] ran up 4% in premarket trade Wednesday, as the snack giant which owns brands including Oreo, Nabisco, Cadbury and Trident, reported first-quarter profit and sales that beat expectations. For the quarter ended March 31, net earnings nearly doubled to $324 million, or 19 cent a share, from $163 million, or 9 cents a share, in the year-earlier period. Excluding non-recurring items, such as one-time restructuring costs, adjusted earnings were 41 cents a share, above the FactSet consensus of 38 cents. Revenue fell 10% to $7.76 billion, with unfavorable currency movement reducing revenue by 14.5 percentage points, but beat the FactSet consensus of $7.72 billion. The stock has gained 1.3% year to date through Tuesday, while the S&P 500 has advanced 2.7%.