Mondelez Combats Slump With Cost Cutting, Lifting Profit
- Sales came in just below analysts’ estimates last quarter
- Mondelez entering Chinese chocolate market to boost growth
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Mondelez International Inc., the global snack giant that recently made a bid to acquire Hershey Co., posted second-quarter earnings that beat estimates after cost cuts helped offset sluggish sales.
Profit was 44 cents a share, excluding some items, the Deerfield, Illinois-based company said Wednesday in a statement. Analysts estimated 40 cents on average. Sales fell 18 percent to $6.3 billion, just shy of analysts’ average projection of $6.33 billion, as the strong U.S. dollar eroded the value of overseas revenue.