Mondelez's Stock Rallies After Earnings Beat, Raised Outlook

Shares of Mondelez International ran up 5.1% in premarket trade, putting them on course to open at a three-month high, after the snacks giant reported a better-than-expected third-quarter profit and raised its full-year outlook. For the quarter ended Sept. 30, earnings fell to $899 million, or 53 cents a share, from $1.01 billion, or 56 cents a share, in the year-earlier period. Excluding non-recurring items, adjusted per-share earnings were 50 cents, beating the FactSet consensus analyst estimate of 39 cents. Revenue slipped 1.6% to $8.34 billion, just missing analyst forecasts of $8.38 billion, as a flat performance in North America and weakness in Europe, offset gains in Latin America and Asia. For 2014, the company raised its adjusted earnings-per-share outlook to a range of $1.82 to $1.87 from the guidance of $1.64 to $1.69 it provided in August. The stock has lost 0.8% so far this year through Tuesday, compared with an 8.9% rise in the S&P 500.