Mondelēz International has reported a 4.9% increase in net revenue for Q3, as the company bounced back to growth in a number of markets.
The owner of Cadbury and Oreo posted Q3 net revenue of $6.67 billion, beating analysts’ estimates of $6.49 billion, according to IBES data from Refinitiv, cited by Reuters.
The company, which withdrew its full-year guidance in its Q1 results, forecast organic net revenue growth of 3.5% for 2020.
Organic net revenue, which excludes the impact of acquisitions, divestitures and currency, rose 4.4% for Mondelēz’s third quarter ended 30 September.
In Q3, Mondelēz witnessed 12.9% growth in net revenue in North America. Following a 4.9% decline in Q2, Europe recorded a 6.3% year-over-year rise in net revenue for Q3. The region also generated the largest amount of revenue for the company overall, with nearly $2.53 billion worth of sales.
Across Mondelēz’s emerging markets, net revenue was down 15.6% in Q2. This moderated in the company’s third quarter to a 3.1% decline, while on an organic basis, the region bounced back to growth delivering a 5.3% increase on the previous year.
Mondelēz’s Asia, Middle East and Africa unit delivered 3.6% growth in net revenue for Q3; meanwhile, Latin America witnessed a 17.1% decline (but returned to low-single-digit growth on an organic basis).
“Our third quarter performance was strong across all key metrics, with broad-based revenue growth as demand remained elevated in developed markets and sequentially improved in emerging markets,” said Dirk Van de Put, Mondelēz chairman and CEO.
“Our teams are executing well and we continue to deliver share gains by meeting the needs of customers and consumers, despite the uncertainties caused by Covid-19.
“Our strategy remains unchanged and we are accelerating certain initiatives and increasing the investment behind our brands to further support long-term sustainable growth.”