Mondelez International Inc. (MDLZ) reported that its fourth-quarter net earnings attributable to the company fell to $500 million from $1.766 billion in the same quarter last year. Earnings per share was $0.29, lower than last year's $1.00.
Adjusted net income for the latest-quarter was $791 million or $0.47 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter dropped to $8.83 billion from $9.49 billion in the prior year. Wall Street expected revenues of $8.88 billion.
In 2015, the company expects Organic Net Revenue growth of at least 2 percent, essentially in line with expected category growth after accounting for the company's strategic decision to exit certain lower-margin revenue. Adjusted Operating Income margin is expected to be approximately 14 percent for the year, with margin expansion accelerating in the second half, driven by the timing of cost-reduction programs. Adjusted earnings per share is expected to increase at a double-digit rate on a constant-currency basis.
With approximately 80 percent of revenues in currencies not tied to the strengthening U.S. dollar, the company estimates foreign exchange translation to reduce 2015 net revenue growth by approximately 11 percentage points and Adjusted earnings per share by approximately $0.30.
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