Mondelez International Inc Class A

MDLZ: XNAS (USA)
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Mondelez Earnings: Cocoa Costs Bite, but Prudent Playbook Supports Brand Prowess; Shares a Bargain

Mondelez's organic sales grew 3.4%, as higher prices (up 8%) offset a volume decline (4.6%). Cocoa costs ate into the adjusted operating margin, down 690 basis points to 12%. Management trimmed its full-year organic sales and adjusted EPS targets to at least 4% growth (from 5%) and down 15% (10%).

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