Mondelez beats on earnings, raises dividend
Cadbury chocolate maker Mondelez International delivered earnings on Wednesday that topped expectations and the company raised its dividend.
Shares rose about 2 percent after the report. What is Mondelez stock doing now? (Click here to get the latest after-hours quotes.)
Net income fell 40 percent to $616 million, or 34 cents a share, from $1.03 billion, or 58 cents a share, in the year-earlier period.
Excluding items, earnings were 37 cents a share, versus expectations of 34 cents a share, according to a consensus estimate from Thomson Reuters.
Revenue was $8.6 billion; analysts had expected $8.62 billion.
Mondelez also raised its divided by 8 percent to 14 cents a share. This is the first increase in the company's dividend since 2008.
The company also increased its stock buyback plans to $6 billion through 2016 from the prior $1.2 billion. Mondelez said it expects to purchase $1 billion to $2 billion worth of stock annually.
In October 2012, Kraft Foods spun off its global snacks and candy group, including the Oreo and Cadbury product lines, and changed its name to Mondelez International. Kraft still maintains the Oscar Mayer, Miracle Whip, Jell-O and Velveeta brands, among others.