Mondelez International Q4 Adj. Profit Misses View; But Sales Beat

(RTTNews) - Mondelez International, Inc. (MDLZ) reported a loss for the fourth quarter, reflecting a double-digit decline in revenues and one-time charges, including an accounting charge related to its Venezuelan operations. Adjusted earnings per share missed analysts' expectations, while revenues beat their estimates.

Fourth-quarter net loss attributable to company was $729 million or $0.46 per share, compared to net earnings of $500 million or $0.29 per share in the same period last year.

The latest quarter's results include a negative $0.48 impact related to the change in accounting for Venezuela operations, a negative $0.19 impact from the adjustment to the coffee transaction gain and a negative$0.09 impact from currency.

Adjusted earnings were $0.46 per share for the quarter, the same as last year. On average, seventeen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.48. Analysts' estimates typically exclude special items.

Net revenues for the quarter declined 16.6 percent to $7.36 billion from $8.83 billion a year ago. Analysts expected revenue of $7.27 billion for the quarter.

Revenues for the quarter include a negative 11.4 percentage point impact from the coffee business transactions and a negative 11.0 percentage point impact from currency.

For fiscal 2016, the company expects to deliver double-digit adjusted earnings per share growth on a constant-currency basis and organic net revenue growth of at least 2 percent.

For 2018, the company projects adjusted operating income margin of 17 to 18 percent, which represents about a 400 basis point improvement from 2015.