Mondelez Earnings: Sales Growth Sweet, Even as Profits Sour on Higher Cocoa Costs; Shares Attractive

Organic sales jumped 5.6% in Mondelez's second quarter on a 7.1% price increase that was only partially offset by a 1.5% volume drawdown. Cocoa inflation continued to eat away at profit, with adjusted gross and operating margins off 680 and 360 basis points, respectively, to 33.7% and 14.3%.