Mondelez's Stock Rallies After Profit Beats Expectations

Shares of Mondelez International Inc. rose 1.9% in premarket trade after the snacks giant beat fourth-quarter profit expectations. The company, which owns brands such as Oreo, Cadbury and Trident, said earnings fell to $500 million, or 29 cents a share, from $1.77 billion, or $1 a share, from the year-earlier period. Excluding non-recurring items, such as one-time spinoff, pension and restructuring costs, adjusted per-share earnings were 47 cents, above the FactSet consensus estimate of 43 cents. Revenue fell 6.9% to $8.83 billion from $9.49 billion, compared with the FactSet consensus of $8.98 billion, weighed by the negative effects of currency movements. For 2015, the company expects revenue growth excluding currency effects of 2%. The stock has declined 5.2% over the past three months through Tuesday, while the S&P 500 has gained 1.4%.