MDLZV Kraft Foods Inc. - Common Stock Ex-Distribution When Issued (MM)

By Annie Gasparro 

Mondelez International Inc.'s sales rose 2.1% to $6.1 billion in the second quarter, leading the snacking giant to raise its outlook for the year.

The maker of Oreos, Wheat Thins and other snacks has struggled along with its peers to generate strong sales in the U.S. as Americans swap packaged foods for more fresh, natural alternatives.

Mondelez, Deerfield, Ill., was also hit last year by a cyberattack that disrupted its ability to make deliveries, denting sales for several quarters. With those technical problems resolved, North America comparable sales for Mondelez rose 5.7% in the quarter.

Chief Executive Dirk Van de Put has said snacking in the U.S. is on the rise, positioning Mondelez for growth domestically, while its business in emerging markets is benefiting from economic growth. Globally, Mondelez's comparable sales rose 3.5%, including a 4.7% gain in emerging markets, in the quarter.

Mr. Van de Put, who joined Mondelez in November, has said he intends to boost the company's profit margin, with a goal of reaching a 17% adjusted operating margin this year, up from 16.3% last year. In the latest quarter, that metric came in at 16.7%.

Mr. Van de Put has also been conducting a strategic review of the business, the results of which he said on Wednesday that he will disclose in September.

Overall for the quarter, Mondelez's profit rose 11% to $826 million, or 56 cents a share, excluding impacts of international currency fluctuations and one-time events. That topped analyst expectations of 54 cents a share, according to FactSet.

Write to Annie Gasparro at annie.gasparro@wsj.com

(END) Dow Jones Newswires

July 25, 2018 17:35 ET (21:35 GMT)

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