Mondelez reported a rise in sales in the final quarter but cautioned consumers are starting to rein back spending after hefty price hikes.
Profit margins rose steadily through 2023 at the Toblerone and Cadbury group, helped by higher prices.
Volumes though are starting to reflect those rises, said analysts, with North American volumes down 5.5 percentage points in the fourth quarter owing to weaker biscuit sales and stock rotation. Product prices in the region rose 7.4 points, helping organic sales rise by 1.9%.
Overall, Mondelez reported revenues in the fourth quarter rose by 7.1% to US$9.8 billion and for the year by 14.4% to US$36 billion.
Net earnings increased 13.1% to US$4.37 billion for the year on an adjusted basis.
Dirk Van de Put, chairman and chief executive, said: "Our growth was balanced across developed and emerging markets, with robust performance in all regions.
“We remain confident that we are well positioned for sustainable top-and bottom-line growth in the years ahead.”
Shares eased 2.5% overnight to US$74.50.