- Mondelez International, which is undergoing a $3 billion cost-cutting strategy, reported a profit of $0.42 per share — about $7.27 billion — above analysts' $0.41 average prediction.
- The company also named Mark Clouse, chief growth officer, to a new post as chief commercial officer beginning in January.
- Net income included a $7.12 billion gain on its coffee business divestitures. Last year, the company posted $899 million. Sales dipped 18% to $6.85 billion but beat analysts forecasting $6.81 billion.
The cost-cutting and overseas production move is CEO Irene Rosenfeld's attempt to block the company from the current consolidation trend. In August, Bill Ackman's Pershing Square Capital Management said it took a $5.6 billion stake in the company.
The $3 billion cost-cutting strategy has an end goal of 2018 and includes zero-based budgeting, a popular strategy that firm 3G Capital famously uses.
The company said organic revenue rose 3.7%, aided by a 10.3% uptick in emerging markets like Latin America and Asia-Pacific.
Shares were $46.60 at market close Tuesday and didn't move in premarket Wednesday trading.