Mondelez Forecast Trails Estimates After ‘Missteps’
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Mondelez International Inc., the snacks business separated from Kraft Foods Inc. last month, forecast profit for its next fiscal year that trailed analysts’ estimates after “executional missteps” in Brazil and Russia.
Profit excluding some items next year will be $1.50 to $1.55 a share, the Deerfield, Illinois-based company said today in a statement. The average estimate of 16 analysts surveyed by Bloomberg was $1.58. Third-quarter sales for Mondelez business on a pro-forma basis fell 5.1 percent to $8.3 billion, while operating income gained 2.2 percent. Excluding currency fluctuations, revenue rose 1.5 percent.