Mondelēz International Inc. (NASDAQ: MDLZ) today reported its fourth quarter 2020 results, beating Wall Street estimates for the quarter, boosted by higher demand for its snacks and Oreo biscuits in its developed markets.
Net revenue from the company’s developed markets segment increased 10.3% to $4.82 billion. Revenue rose to $7.30 billion from $6.91 billion a year ago, beating analysts’ average estimate of $7.16 billion, according to financial researchers. Excluding items, the company earned 67 cents a share.
"We enter 2021 in a strong position financially and in the marketplace, which gives us confidence that we can deliver on our long-term growth targets in 2021 and beyond," said Mondelēz chairman and chief executive Dirk Van de Put.
The Mondelēz chief noted that the during the restrictions imposed by Covid-19 in Europe and North America, the company’s categories were resilient with the exception of gum, which represented 5% of its 2020 revenue.
Full-year highlights
» Net revenues increased 2.8% primarily driven by organic net revenue growth of 3.7%.
» Diluted EPS was $2.47, down 8.2%; adjusted EPS was $2.59, up 6.5% on a constant-currency basis.
» Cash provided by operating activities was $4.0 billion, flat versus prior year; free cash flow1 was $3.1 billion, an increase of $0.1 billion versus prior year.
» Return of capital to shareholders was $3.1 billion.
Fourth-quarter highlights
» Net revenues increased 5.6% primarily driven by organic net revenue growth of 3.2%.
» Diluted EPS was $0.80, up 60.0%; adjusted EPS was $0.67, up 8.2% on a constant-currency basis.
» Resumed share repurchase program in November and returned $1.1 billion of capital to shareholders including $0.7 billion in repurchases.
Click here to see the full Q4 and FY press release.
