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Mondelēz International Reports First Quarter 2023 Results; Dirk Van de Put Comments

Mondelēz International Reports First Quarter 2023 Results; Dirk Van de Put Comments


CHICAGO, IL
Tuesday, May 2nd, 2023

Mondelēz International today reported its first quarter 2023 results. The company continues to make strides across snacking categories and looks forward to meeting increasing consumer demand.

Dirk Van de Put, Chairman and Chief Executive Officer, Mondelēz International“We delivered a strong start to the year, with double-digit net revenue and profit dollar growth in our first quarter, as we continued to execute against our long-term strategy. These results were driven by ongoing pricing execution to offset cost inflation and solid volume growth,” said Dirk Van de Put, Chairman and Chief Executive Officer. “We saw broad-based demand across both developed and emerging markets, as consumers around the world continue to prioritize our chocolate, biscuits, and baked snacks categories and brands.”

A press release outlined several highlights from Q1. They are as follows.

  • Net revenues increased +18.1 percent driven by Organic Net Revenue growth of +19.4% with underlying Volume/Mix of +3.2 percent
  • Diluted EPS was $1.52, up 149.2%; Adjusted EPS was $0.89, up +17.3% on a constant currency basis
  • Cash provided by operating activities was $1.0 billion, in line with prior year; Free Cash Flow was $0.9 billion, down -$0.1 billion versus prior year
  • Return of capital to shareholders was $0.9 billion
  • Raising both Organic Net Revenue growth outlook to +10 percent and Adjusted EPS growth outlook to +10 percent

Following a successful first quarter in 2023, Mondelēz International continues to make strides across snacking categories and looks forward to meeting increasing consumer demand

“We also continued to make significant progress against our portfolio reshaping initiatives, reducing our coffee equity stakes, while driving strong top- and bottom-line synergies from recently acquired assets, including Clif Bar,” continued Van de Put. “Our dedicated people remain focused on accelerating and compounding growth through significant investments in our brands, talent, and capabilities, while advancing our sustainability initiatives. Given our strong Q1 performance, we are raising our net revenue and earnings outlook for the year.”

Keep reading us here at Deli Market News as we continue to keep our eyes on the newswire.

Mondelēz International
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