Mondelez (MDLZ) reported Q3 EPS of $0.74, $0.05 better than the analyst estimate of $0.69. Revenue for the quarter came in at $7.76 billion versus the consensus estimate of $7.41 billion.
2022 Outlook:
Mondelēz International provides its outlook on a non-GAAP basis, as the company cannot predict some elements that are included in reported GAAP results, including the impact of foreign exchange. Refer to the Outlook section in the discussion of non-GAAP financial measures below for more details.
For 2022, the company is updating its 2022 fiscal outlook and now expects 10+ percent Organic Net Revenue growth versus the prior outlook of 8+ percent, which reflects the strength of its year-to-date performance. The company's expectation for Adjusted EPS growth on a constant currency basis is now 10+ percent versus the prior outlook of mid-to-high single digits. The company's Free Cash Flow outlook remains at $3+ billion, which includes a Clif Bar one-time compensation expense of $0.3 billion related to the buyout of the non-vested employee stock ownership plan shares. The company estimates currency translation would decrease 2022 net revenue growth by approximately 6.4 percent3 with a negative $0.26 impact to Adjusted EPS3.
Outlook is provided in the context of greater than usual volatility as a result of COVID-19 and geopolitical uncertainty.