By Kathryn Hardison
Mondelez International Inc. said rising expenses for raw materials and transportation, as well as acquisition costs, dented its profit in the third quarter.
The Chicago-based maker of Oreo cookies and Triscuit crackers said its profit fell to $532 million, or 39 cents a share, compared with $1.26 billion, or 89 cents a share, a year ago. Adjusted per-share earnings came to 74 cents. Analysts polled by FactSet expected 69 cents per adjusted share.
Sales rose 8.1% to $7.76 billion, ahead of analysts' expectations of $7.44 billion.
The company said it logged higher acquisition-related costs in the quarter as it closed its purchases of Clif Bar and Ricolino.
Still, sales rose in the quarter, which Chief Executive Dirk Van de Put said shows the resiliency of its snacking categories, even as it raises prices.
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(END) Dow Jones Newswires
November 01, 2022 16:37 ET (20:37 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.