BUZZ - Mondelez International's third-quarter profits exceed expectations; shares rise

October 30 -

** Shares of Oreo maker Mondelez International MDLZ.O rose 6.4% in pre-market trading to $66.53

** The company's third-quarter profit announced on Thursday exceeded Wall Street expectations (link), mainly due to lower cocoa costs and price increases in key regions such as North America

** Adjusted earnings per share were $0.78, higher than analysts' expectations of $0.71; revenue was $9.97 billion, slightly below the expected $9.98 billion

** This quarter, sales volume increased by 1.8 percentage points, and pricing rose by 0.3 percentage points; declining cocoa costs gave the company more room for promotions and value pack launches

** The company also said it will acquire Undercover Snacks, the producer of chocolate-coated quinoa crisps, to expand its "permissible indulgence" category

** Jefferies stated: “With gains in market share, product innovation, and growth potential in emerging markets, MDLZ is moving full speed ahead and is better positioned than its peers.”

** According to data compiled by London Stock Exchange Group (LSEG), at least seven brokerages raised their price target for the stock after the earnings release

** Out of 25 brokerages, 16 rated the stock as “Buy” or higher, and 9 gave it a “Hold” rating; the median price target is $71.5 — LSEG compiled data

** As of the previous trading day’s close, the stock was up 16.1% year-to-date

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