These corrections have been reflected as revisions to results for prior years.
Fourth Quarter Results
Net revenues were $9.5 billion, down 0.1 percent. Operating income increased 5.3 percent to $1.0 billion, while operating income margin was 10.6 percent. Diluted EPS was $1.00 including $0.91 from discontinued operations reflecting the net gain from the resolution of the Starbucks arbitration.
Organic Net Revenues increased 2.5 percent, nearly all due to volume/mix. The pass-through of lower coffee commodity costs tempered growth by 0.7 percentage points.
Revenues from emerging markets increased 5.9 percent, led by low-teens growth in India and mid-to-high single digit growth in Russia and Brazil. China declined double digits due to weak biscuit performance.
Developed markets were up 0.5 percent as growth in North America and Europe was mostly offset by a decline in Asia Pacific.
Power Brands continued to grow faster than the company average, up 4.1 percent, led by Tuc, Club Social, belVita and Barni biscuits, Cadbury Dairy Milk, Milka and Lacta chocolate and Tassimo coffee.
Adjusted Operating Income increased 31.5 percent on a constant currency basis, reflecting overhead reductions, particularly in North America, Europe and corporate functions.
Other positive factors included the net impact of one-time items and volume/mix-driven gross profit gains. Adjusted Operating Income margin was 13.9 percent, a sequential improvement from the previous quarter, and up 2.9 percentage points versus prior year.
Adjusted EPS was $0.42, including a negative $0.02 impact from currency. On a constant currency basis, Adjusted EPS increased 15.8 percent, mostly reflecting a $0.08 gain from operations.
Other positive impacts from gains on sales of property, shares outstanding and interest expense were offset by higher taxes.
Conference Call
Mondelez International will host a conference call for investors with accompanying slides to review its results at 5 p.m. ET today.
Access to a live audio webcast with accompanying slides and a replay of the event will be available at www.mondelezinternational.com/Investor.
