In This Story
Mondelez International Inc. (MDLZ+0.11%) has submitted its annual 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net revenues of $36.4 billion for 2024, reflecting a 1.2% increase from the previous year. This increase was driven by higher net pricing and incremental revenue from the acquisition of Evirth, offset by unfavorable currency impacts and the divestiture of the developed market gum business.
Operating income for 2024 was $6.3 billion, a 15.3% increase from 2023. The increase was attributed to higher net pricing, lower manufacturing costs, and favorable changes in acquisition integration costs and contingent consideration adjustments.
Net earnings attributable to Mondelez International decreased by 7.0% to $4.6 billion in 2024, with diluted earnings per share declining by 5.5% to $3.42. This decrease was due to factors including a prior-year gain on marketable securities and higher intangible asset impairment charges.
Adjusted earnings per share, a non-GAAP measure, increased by 9.1% to $3.36, reflecting operating gains, lower taxes, and fewer shares outstanding.
The company completed the acquisition of Evirth, a cakes and pastries manufacturer in China, and recorded goodwill of $122 million from this transaction. Additionally, Mondelez sold its remaining shares in JDE Peet's, exiting its investment in the company.
Mondelez International's restructuring program, Simplify to Grow, concluded on December 31, 2024, with total costs of $5.4 billion incurred since its inception.
Mondelez's financial outlook anticipates continued growth in snack revenue, despite ongoing market volatility and higher operating costs, particularly for cocoa. The company plans to address these challenges through pricing actions and cost-saving measures.
The filing also notes the impact of global economic conditions, including the war in Ukraine and geopolitical tensions in the Middle East, on Mondelez's operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mondelez International Inc. annual 10-K report dated February 5, 2025. To report an error, please email earnings@qz.com.