Mondelez shares climb on better-than-expected earnings, dividend hike
Shares of Mondelez International Inc. gained in Wednesday's extended session after the food giant posted better than expected quarterly earnings and raised its dividend. Mondelez reported its second-quarter earnings fell to $323 million, or 22 cents a share, from $498 million, or 32 cents a share a year earlier. On an adjusted basis, the maker of Oreo cookies and Cadbury chocolates would have earned 56 cents a share. Revenue edged up to $6.11 billion from $6 billion. Analysts surveyed by FactSet had forecast earnings of 54 cents a share on revenue of $6.13 billion. Mondelez also hiked its dividend by 18% to 26 cents a share and said it expects 2018 organic net revenue to grow in the high end of a 1% to 2% range as well as a double-digit increase for adjusted earnings. Shares rose 3% after hours.
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