By Dean Seal

Mondelez International logged stronger earnings in the second quarter as higher prices lifted revenue substantially higher than analysts had been expecting.

The Chicago-based maker of Oreo cookies and Triscuit crackers posted a profit of $944 million, or 69 cents a share, compared with $747 million, or 54 cents a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were 76 cents a share. Analysts polled by FactSet had been expecting 69 cents a share.

Sales came in at $8.51 billion, up from $7.27 billion in the year-ago period and above analyst forecasts for $8.22 billion, according to FactSet.

Mondelez logged 15.8% organic revenue growth for the quarter that was driven entirely by pricing, as company-wide volumes were flat. Volumes were down in Europe, but the decline was offset by gains in North America and the company's other regions.

Shares advance 1.9% to $73.73 in after-hours trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

July 27, 2023 16:42 ET (20:42 GMT)

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