Investing.com -- Shares in Mondelez (NASDAQ:MDLZ) rose in premarket U.S. trading Friday after the packaged-goods company lifted its annual earnings forecast and reported better-than-anticipated sales thanks to resilient consumer demand.
The maker of Oreo cookies and Toblerone chocolate has benefitted from lingering strength in customer spending on food products despite wider inflationary pressures. The trend has allowed the company and its peers to raise prices, bolstering its margins against increased input costs.
Organic sales at the Chicago-based company jumped by 15.8% to $8.51 billion in the second quarter, topping Bloomberg consensus estimates of $8.21B, with Europe, Latin America, and North America all seeing revenues increase in the double digits. Adjusted earnings per share of $0.76 also beat analyst projections despite flat volumes and higher interest expenses.
In a note to clients, analysts at Morgan Stanley argued that the Chicago-based group's "top-line momentum" points to its "pricing power, the attractiveness of its categories, and improving market share performance."
Mondelez says it now expects to post full-year organic net revenue of 12% annually, up from its prior guidance of 10% and above analyst expectations of 11.2%.