Mondelēz Reports Double Net Earnings for First Quarter of 2023

Mondelēz International made public the financial results of the first quarter of 2023 and reported increased net earnings.

“We delivered a strong start to the year, with double-digit net revenue and profit dollar growth in our first quarter, as we continued to execute against our long-term strategy. These results were driven by ongoing pricing execution to offset cost inflation and solid volume growth,” said Dirk Van de Put, Chairman and Chief Executive Officer. “We saw broad-based demand across both developed and emerging markets, as consumers around the world continue to prioritize our chocolate, biscuits, and baked snacks categories and brands. We also continued to make significant progress against our portfolio reshaping initiatives, reducing our coffee equity stakes, while driving strong top- and bottom-line synergies from recently acquired assets, including Clif Bar. Our dedicated people remain focused on accelerating and compounding growth through significant investments in our brands, talent and capabilities, while advancing our sustainability initiatives. Given our strong Q1 performance, we are raising our net revenue and earnings outlook for the year.”

Net earnings more than doubled to USD2.08bn. Revenues increased 18% to USD9.17bn from USD7.76bn. Organic growth of 19.4% came through 16.2 percentage points from pricing and 3.2 percentage points from volume/mix. 

Europe revenue increased by 12.7% to USD3.3bn, while North America revenue jumped 27% to USD2.71bn. Globally, organic growth was 25.2% through 20.7 percentage points from pricing and 4.5 percentage points from volume/mix.