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Jun 30, 2023
Mondelez Q2 2023 Earnings Report
Mondelez International's Q2 2023 results demonstrated broad-based strength across the business, with strong, profitable top-line growth in all regions and categories.
Key Takeaways
Mondelez International reported a strong second quarter in 2023, with net revenues increasing by 17.0% and Organic Net Revenue growth of 15.8%. The company is raising its Organic Net Revenue and Adjusted EPS growth outlook to 12%+
Net revenues increased +17.0% driven by Organic Net Revenue growth of +15.8% with strong Volume/Mix performance in 3 of 4 regions
Diluted EPS was $0.69, up 27.8%; Adjusted EPS was $0.76, up +21.5% on a constant currency basis
Year-to-date cash provided by operating activities was $2.0 billion; Free Cash Flow was $1.5 billion
Announcing +10% increase to quarterly dividend
Revenue by Geographic Location
Forward Guidance
Mondelēz International is updating its 2023 fiscal outlook and now expects 12%+ percent Organic Net Revenue growth versus the prior outlook of 10+ 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 12%+ percent versus the prior outlook of 10+ percent. The company's Free Cash Flow outlook remains at $3.3+ billion.
Positive Outlook
- Raising Organic Net Revenue growth outlook to 12%+
- Raising Adjusted EPS growth outlook to 12%+
- Free Cash Flow outlook remains at $3.3+ billion
- Strong year-to-date performance
- Category resilience provides confidence
Challenges Ahead
- Currency translation would decrease 2023 net revenue growth by approximately 2%
- Currency translation has a negative $0.11 impact to Adjusted EPS
- Outlook is provided in the context of greater than usual volatility as a result of COVID-19
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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