Mondelez quarterly sales beat estimates on snacking boom

Mondelez International Inc beat Wall Street estimates for first-quarter revenue on Tuesday, boosted by higher demand for its biscuits and chocolates in Asian and European markets.

Food and snack makers have experienced a surge in sales during the pandemic as consumers hunkered down at home sought comfort in familiar brands.

Net revenue from the North American segment grew 4.3% to $1.98 billion, while European market revenue grew 10.2% to $2.85 billion.

Revenue rose to $7.24 billion from $6.71 billion a year ago, beating analysts’ average estimate of $7.02 billion, according to IBES data from Refinitiv.

Net earnings attributable to the company rose to $961 million, or 68 cents per share, in the first quarter ended March 31, from $736 million, or 51 cents per share, a year earlier.