By Dean Seal

Mondelez International is raising its guidance for organic revenue and adjusted earnings growth this year on the back of strong second-quarter results.

The Chicago-based maker of Oreo cookies and Triscuit crackers said it now forecasts at least 12% organic revenue growth for the year, up from its previous guidance for at least 10% organic growth.

Adjusted earnings, which strip out one-time items, are likewise expected to grow at least 12% instead of the at least 10% as originally projected.

Unfavorable foreign currency translations are expected to cut the company's total annual revenue by about 2% and lower adjusted earnings by about 11 cents per share.

Chief Executive Dirk Van de Put said the upward revision is based on Mondelez's strong performance year-to-date. The company logged stronger adjusted earnings and revenue than analysts had been expecting in the second quarter.

Shares advanced 1.7% to $73.60 in after-hours trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

July 27, 2023 16:52 ET (20:52 GMT)

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