July 28 (Reuters) – Cadbury parent Mondelez International beat Wall Street estimates for second-quarter revenue and profit on Tuesday, helped by steady demand for its chocolates and biscuits.
A global cocoa surplus drove down cocoa costs, helping relieve margin pressures at Mondelez and giving it more room to lure shoppers with promotions and value packs.
The company reported net revenue of $9.36 billion for the second quarter, compared with analysts’ average estimate of $9.20 billion, according to data compiled by LSEG.
It posted quarterly adjusted profit of 73 cents, compared with the estimate of 68 cents.
Mondelez had previously said it was also broadening its zero-sugar and gluten-free Oreo ranges as customers pay closer attention to sugar consumption and nutritional choices.
The company expects annual organic net revenue to grow 2% compared with flat to up 2% forecast earlier. It, however, maintained its annual adjusted profit forecast of flat to up 5%.
(Reporting by Koyena Das in Bengaluru; Editing by Shilpi Majumdar)
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