Oreo maker Mondelez rallies after hours, helped by higher prices and upbeat forecast

Shares of Mondelez International Inc. on Thursday rose after hours after the snack maker boosted its sales and profit outlook, as higher prices helped make up for more muted gains in product sold. The company, known for Oreo cookies and Ritz crackers, boosted its forecast for organic sales growth - or sales excluding the impacts of things like acquisitions and currency fluctuations - to 10% or more, up from a prior outlook of growth for 5% to 7%. It also forecast adjusted earnings per share growth of 10% or more, compared with an earlier outlook for gains in the "high single digits." Shares rose 2% after hours. For its first quarter, Mondelez's net sales came in at $9.17 billion, compared with $7.76 billion in the same quarter last year. The company reported net income of $2.09 billion, or $1.52 a share, compared with $861 million, or 61 cents a share, in the prior-year quarter. Adjusted for things related to acquisitions and divestitures, Mondelez earned 89 cents a share. Analysts polled by FactSet expected adjusted earnings of 80 cents a share and sales of $8.46 billion. Chief Executive Dirk Van de Put said demand was solid worldwide, "as consumers around the world continue to prioritize our chocolate, biscuits, and baked snacks categories and brands."

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