Packaged foods maker Mondelez International Inc posted slightly better-than-expected quarterly results on Tuesday and raised its full-year earnings forecast due to a benefit from a tax item, but said it was keeping some of that benefit in reserve to guard against future market volatility.Quarterly revenue beat Wall Street estimates for the first time since Mondelez separated last year from Kraft Foods Group Inc and took with it snacks like Oreo cookies and Cadbury chocolate and the international business of Maxwell House coffee.Still, revenue growth was below the company's long-term target, hurt by lower coffee prices, capacity constraints and the continued struggle of its gum business, and Chief Executive Irene Rosenfeld said she was "clearly not satisfied." Mondelez is seeking growth by reinvesting in emerging markets - where it gets 40 percent of its revenue - and by boosting brand-building, production capacity and distribution.Mondelez shares fell 21 cents, or 0.7 percent, to $31.20 in after-hours trade. Through Tuesday's close they have gained 4 percent since last month when Trian Fund Management reported stakes in Mondelez and PepsiCo Inc. That prompted speculation that Trian's Nelson Peltz would push them to merge given his role in Kraft's purchase of Cadbury and subsequent breakup.
Kraft Foods Group, Inc. (Kraft Foods Group) operates food and beverage businesses in North America. Shares of KRFT traded higher by 2.73% or $1.46/share to $54.85. In the past year, the shares have traded as low as $42.00 and as high as $52.51. On average, 3736530 shares of KRFT exchange hands on a given day and today's volume is recorded at 6666205.
Mondelez International, Inc. (Mondelez International), is a snack manufacturing company. Shares of MDLZ traded higher by 0.83% or $0.26/share to $31.41. In the past year, the shares have traded as low as $24.50 and as high as $42.54. On average, 13301000 shares of MDLZ exchange hands on a given day and today's volume is recorded at 7525127.
PepsiCo, Inc. (PepsiCo) is a global food and beverage company. Shares of PEP traded higher by 1.02% or $0.84/share to $83.34. In the past year, the shares have traded as low as $65.68 and as high as $84.32. On average, 5697820 shares of PEP exchange hands on a given day and today's volume is recorded at 3706774.
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