DEERFIELD, Ill., Nov. 5, 2014 /PRNewswire/ -- Mondelez International, Inc. (NASDAQ: MDLZ) today reported its third quarter 2014 results, reflecting strong Adjusted Operating Income margin expansion and Adjusted EPS growth as well as solid Organic Net Revenue growth.
On a reported basis for the third quarter, net revenues were $8.3 billion, down 1.6 percent. Operating income was $853 million, down 32.4 percent, including a negative 27.3 percentage point impact from cycling the prior-year reversal of an indemnity accrual related to the 2010 acquisition of Cadbury2 and a negative 17.5 percentage point impact from restructuring costs3. Diluted EPS was $0.53, down 3 cents, including the negative 28 cent impact of the items listed above, partially offset by a 15 cent benefit from the mark-to-market adjustments of currency forward contracts associated with the planned coffee business transactions4.
Year to date, reported net revenues were $25.4 billion, down 1.5 percent. Operating income was $2.7 billion, down 10.4 percent, including a negative 12.1 percentage point impact from cycling the prior year reversal of an indemnity accrual related to the 2010 acquisition of Cadbury and a negative 7.8 percentage point impact from restructuring costs. Diluted EPS was $0.98, down 22 cents, including a loss of 18 cents related to debt extinguishment5 and a negative 6 cents from the remeasurement of net monetary assets in Venezuela6.
"We continue to drive top-tier earnings growth and margin expansion in a challenging operating environment," said Irene Rosenfeld, Chairman and CEO. "With global retail and consumer demand expected to remain soft in the near term, we're sharply focused on the execution of our productivity and cost-reduction programs to drive earnings growth. At the same time, we're continuing to make the foundational investments in our brands, route-to-market capabilities and supply chain to capture growth in our categories as they accelerate, especially in emerging markets.
"By successfully reducing costs in the near term while investing for the long term, we've driven Adjusted Operating Income margin expansion of at least 100 basis points and double-digit Adjusted EPS growth on a constant-currency basis for three consecutive quarters, while delivering solid organic revenue growth. As a result, we're raising our full-year guidance for both Adjusted Operating Income margin and EPS and maintaining our organic revenue outlook for 2014." Full report.