By Micah Maidenberg
Mondelez International Inc. reported stronger revenue for the first quarter as shoppers in Europe and the U.S. scooped up snacks while stockpiling food but demand was more muted in developing economies amid coronavirus-related lockdowns.
The maker of Oreo cookies, Triscuit crackers and other food products on Tuesday reported $6.71 billion in revenue for the first quarter, up from $6.54 billion a year earlier and more than the $6.62 billion that analysts had predicted.
On an organic basis, excluding the effect of currency fluctuations, mergers and asset sales, quarterly sales were up 6.4% compared with a year earlier.
Mondelez said organic sales grew 13% in North America and 4% in Europe and 2% in the region covering Asia, the Middle East and Africa.
Profit fell to $753 million, or 52 cents a share, for the first quarter, from $914 million, or 63 cents a share, the year earlier. Mondelez reported adjusted earnings of 69 cents a share, 3 cents more analysts expected.
The company withdrew its financial forecast for the year, citing uncertainty generated by the pandemic.
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