Mondelez International Inc.’s (NASDAQ:MDLZ) shares were flat in pre-market trading after the food and beverage giant reported above-forecast third-quarter earnings after-hours on Monday, but saw its revenues fall.
The firm, which makes Oreo cookies, Bubaloo gum and owns chocolate firm Cadbury’s, saw its third-quarter adjusted earnings per share rise to 62 cents a share, up from 56 cents a year earlier, above the 60 cents a share consensus estimate.
The company’s headline third-quarter earnings were $1.2bn, or 81 cents a share, compared with $981mln, or 64 cents a share a year earlier driven by "good momentum" in emerging markets.
But Mondelez’s adjusted revenue fell to $6.3bn, down from $6.5bn a year earlier, albeit in-line with forecasts.
The group also announced that it is launching an innovation hub called SnackFutures in November that will create new brands and businesses, rework small Mondelez brands for greater success, and seed new businesses with start-ups.
In pre-market trading, Mondelez shares were unchanged at $40.11.