Attendees pass in front of a Mondelez International Inc. booth at the Sweets & Snacks Expo in Chicago, Illinois, on Tuesday, May 21, 2019.
Taylor Glascock | Bloomberg | Getty Images
Mondelez International beat Wall Street estimates for first-quarter revenue on Tuesday, boosted by higher demand for its biscuits and chocolates in Asian and European markets.
Food and snack makers have experienced a surge in sales during the pandemic as consumers hunkered down at home sought comfort in familiar brands.
Net revenue from the North American segment grew 7.9% to $7.24 billion, while European market revenue grew 10.2% to $2.85 billion.
Revenue rose to $7.24 billion from $6.71 billion a year ago, beating analysts’ average estimate of $7.02 billion, according to IBES data from Refinitiv.
Net earnings attributable to the company rose to $961 million, or 68 cents per share, in the first quarter ended March 31, from $736 million, or 51 cents per share, a year earlier.
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