Cadbury parent Mondelez International (MDLZ.O) beat market expectations for first-quarter sales and profit on Tuesday, helped by steady demand for its pricey products including chocolates and salted crackers, despite rising inflationary costs.
Shares of the Chicago-based company were down 1% after the bell, as it maintained its annual forecasts for organic net revenue growth and profit.
While Mondelez increased its prices by 6.3 percentage points in the quarter, its volumes fell 2.1 pp.
However, with significant price hikes undertaken over the past few quarters, it was able to shield its margins from still-high cocoa and sugar prices.
The firm posted net sales of $9.29 billion for the first quarter, compared with analysts' average estimate of $9.16 billion, according to LSEG data.
On an adjusted basis, Mondelez reported a profit of 95 cents per share for the quarter ended March 31, compared with analysts' estimate of 89 cents per share, according to LSEG data.
