Oreo maker Mondelēz rises as price increases help deliver beat-and-raise quarter
Michael Burrell
MondelÄz International (NASDAQ:MDLZ) stock on Friday gained as much as 6.1%, after the confectionary and snacks manufacturer announced a solid beat-and-raise quarter and bumped up its dividend.
MDLZ saw strong demand for its popular brands like Cadbury, Oreo and Toblerone, helping offset the price hikes that it implemented in the face of higher raw material and transportation costs.
"Our strong performance was driven by effective pricing combined with healthy volume growth in three of our four regions," MDLZ CEO Dirk Van de Put said on the earnings conference call, adding that Europe was the lone exception due to disruption spurred by retailer negotiations.
De Put said that the company had successfully implemented its planned price increases in Europe after closing its customer negotiations in line with expectations.
MondelÄz (MDLZ) after hours on Thursday delivered Q2 adj. earnings per share of $0.76, which beat estimates by 7 cents. Revenue rose more than 17% Y/Y to $8.51B, beating consensus by a healthy $300M.
The revenue performance was driven by organic sales growth of 15.8% and incremental sales from MDLZ's acquisitions of Clif Bar and Ricolino last year.
MDLZ raised its full year organic revenue growth guidance to +12% from a prior outlook of +10%. Adj. earnings per share guidance growth was also upped to +12% from +10% previously.
Additionally, MDLZ bumped up its quarterly dividend by 105 to $0.425/class A share.
Class A shares of MondelÄz (MDLZ) were last up 3.6% to $74.98 in afternoon trade. 
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