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Q1 2024 Financial Performance of Mondelēz International: Key Insights and Future Outlook
Mondelēz International, a global leader in snack manufacturing and distribution, has released its financial results for the first quarter of 2024. The company has reported a 1.4% increase in net revenues, amounting to $9,290 million, driven by a 4.2% growth in Organic Net Revenue. This growth reflects strong pricing strategies and effective cost management, despite a 2.1% decline in Volume/Mix.
Key Financial Highlights from Mondelēz's First Quarter
The first quarter saw significant achievements, including a substantial increase in cash flow and return on capital. Operating activities generated $1.3 billion in cash, a $0.2 billion increase from the previous year. Free Cash Flow also saw a rise, reaching $1.0 billion, marking a $0.1 billion improvement year-over-year. Additionally, Mondelēz returned $1.1 billion to shareholders through dividends and share repurchases.
Challenges and Strategic Actions
Dirk Van de Put, the CEO of Mondelēz, highlighted the dynamic challenges of the market, including geopolitical uncertainties and market volatility. Despite these challenges, the company has successfully executed its long-term growth strategy, focusing on pricing execution, cost management, and momentum in emerging markets. The company continues to invest in brand growth, distribution gains, and integrating recently acquired assets.
Detailed Financial Performance
In geographic terms, Latin America and emerging markets showed robust growth, with Latin America achieving an 8.9% increase in net revenues. Europe and North America experienced mixed results, with Europe posting a slight revenue increase and North America seeing a decline due to divestitures and unfavorable currency impacts.
The company’s Gross Profit Margin improved dramatically, reaching 51.1%, a 13.5 percentage point increase, driven by favorable derivative impacts and productivity improvements. Operating Income also grew significantly, with a reported increase of 81.2% to $2,727 million.
Earnings Per Share and Adjusted Results
Diluted EPS for the quarter was $1.04, down 31.6%, primarily impacted by non-cash impairment charges and the divestiture of the developed market gum business. However, Adjusted EPS rose by 16.3% on a constant currency basis to $0.95, reflecting strong operational performance and lower interest expenses.
Mondelēz's Outlook for 2024
Looking ahead, Mondelēz International expects Organic Net Revenue growth of 3 to 5% and high single-digit growth in Adjusted EPS, calculated on a constant currency basis. The company anticipates that currency translation might reduce 2024 revenue growth by approximately 1.5% with a potential negative impact of $0.10 on Adjusted EPS. These projections are set against a backdrop of ongoing global economic and geopolitical volatility.
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