DEERFIELD, ILL. — Expressing confidence in sustained momentum at Mondelez International, Inc., Irene Rosenfeld, chairman and chief executive officer, said the company is off to a solid start in 2017.
Mondelez net income in the first quarter ended March 31 was $630 million, equal to 41c per share on the common stock, up 14% from $554 million, or 35c per share, in the same period a year ago. Net revenues were $6,414 million, down 0.6% from the same period a year ago. Organic net revenues (excluding the impact of acquisitions and divestitures) were up 0.6%.
“We had a solid start to the year despite challenging market conditions,” Ms. Rosenfeld said. “We delivered both top-line organic growth and strong margin expansion in the quarter, while also making critical investments for our future. We remain confident in and committed to our balanced strategy for both top- and bottom-line growth, continuing to focus on what we can control to deliver long-term value creation for our shareholders.”
Operating income of the North America segment of Mondelez was $343 million in the first quarter, up 27% from $271 million in the same period in 2016. Net revenue was $1,648 million, down 1.6% from $1,675 million.
For the full year, Mondelez said it continues to expect organic net revenue growth of at least 1% and adjusted operating income margin in the mid-16% range. The company also is forecasting double-digit earnings per share growth.
After the earnings announcement, shares of Mondelez International climbed $1.29, or 3%, closing at $45.03 per share in Nasdaq trading.
