(Reuters) -Mondelez International Inc raised its annual sales forecast on Tuesday, as price increases for its biscuits and snacks coupled with strong demand from emerging markets helped it beat estimates in the third quarter.
The Oreo cookie maker has seen demand bounce back across China, India, Brazil and other emerging markets after tepid sales last year when the economic toll of the pandemic dealt a sharp blow to consumer spending in those regions.
The chocolatier now expects full-year organic net revenue growth of about 4.5%, compared with its prior forecast of an over 4% increase.
Analysts on average were expecting organic revenue growth of 4.25%, according to IBES data from Refinitiv.
Net revenue for the third quarter ended Sept. 30 rose to $7.18 billion from $6.67 billion a year ago, topping analysts’ average estimate of $7.03 billion.
(Reporting by Mehr Bedi in Bengaluru; Editing by Devika Syamnath)
