Snack giant Mondelez dips on muted outlook despite Q2 beat

Shares of Mondelez slipped 5% after the snack giant beat Q2 expectations but stuck with a muted full-year outlook.

Adjusted earnings per share landed at $0.73, topping Wall Street’s estimate of $0.68 but falling about 14% from a year ago. Revenue also beat, rising to $8.9 billion, though it slipped year over year as cost-conscious North American shoppers pulled back.

Mondelez, which owns pantry staples like Chips Ahoy!, Ritz, and Triscuit, said strength in emerging markets and Europe helped offset weakness in the US. CEO Dirk Van de Put said volume mix was “flattish,” but pointed to strong quarters in EMEA and Latin America.

The company reiterated its full-year outlook, including a projected 10% drop in profit, as it continues to wrestle with historically high cocoa prices. Mondelez doesn’t provide formal EPS forecasts due to FX swings, market volatility, and the effects of potential deals.

Mondelez shares are up 11% year to date.