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

   By Aisha al-Muslim 
 

Mondelez International Inc. (MDLZ) outlined Friday its new long-term strategy and targets, reaffirmed its 2018 guidance and provided its outlook for 2019.

The snacking company's strategy will focus on marketing and digital capabilities, brand expansion into new markets, investments in e-commerce, and leveraging partnerships and mergers and acquisitions to expand, among other priorities. The company has brands such as Oreo cookies, belVita biscuits and Trident gum.

Mondelez outlined long-term annual targets including organic net revenue growth of more than 3%, high-single digit adjusted earnings per share growth at constant currency, free cash flow of more than $3 billion, and dividend growth outpacing adjusted earnings per share growth.

The company reaffirmed its full-year 2018 outlook with organic net revenue growth at the high end of the range of 1% to 2%. In addition, it now expects share repurchases to be about $2 billion in 2018.

In 2019, the company expects organic net revenue to increase 2% to 3%, adjusted earnings per share to grow 3% to 5% on a constant currency basis, and free cash flow to be about $2.8 billion.

Shares of Mondelez fell 1.1% to $43 in pre-market trading Friday. The stock is up 6.2% in the last year.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

September 07, 2018 08:50 ET (12:50 GMT)

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