Mondelez International, Inc. Q1 FY2024 results: revenue $9.3 billion, up 1.4% on the year

Mondelez International, Inc. (MDLZ) reported revenue of $9.3 billion for Q1 FY2024, the quarter ended 31 March 2024, up 1.4% on the same quarter a year earlier. Net income was $1.4 billion, down 32.1% on the year, and diluted earnings per share $1.04. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2024.

Revenue$9.3 billionup 1.4%

Net income$1.4 billiondown 32.1%

Diluted EPS$1.04

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	9,290	9,314	n/a	n/a
Cost of revenue	4,540	5,844	n/a	n/a
Gross profit	4,750	3,470	n/a	n/a
Gross margin	51.1%	37.3%	n/a
Selling, general and administrative	1,938	2,259	n/a	n/a
Operating income	2,727	1,193	n/a	n/a
Operating margin	29.4%	12.8%	n/a
Interest expense	122	118	n/a	n/a
Pre-tax income	2,682	1,163	n/a	n/a
Income tax	632	257	n/a	n/a
Effective tax rate	23.6%	22.1%	n/a
Net income	1,412	950	n/a	n/a
Net margin	15.2%	10.2%	n/a
Diluted EPS	$1.04	$0.69	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	1,324	1,564	n/a	n/a
Capital expenditure	299	332	n/a	n/a
Free cash flow	1,025	1,232	n/a	n/a
Free cash flow margin	11.0%	13.2%	n/a
Depreciation and amortisation	319	313	n/a	n/a
Share-based compensation	31.0	37.0	n/a	n/a
Buybacks	568	888	n/a	n/a
Dividends paid	578	579	n/a	n/a
Dividend per share	$0.42	n/a	n/a	n/a
Diluted shares, weighted	1,355m	1,370m	n/a	n/a
Shares outstanding at period end	1,341m	1,346m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	77,624	71,391	n/a	n/a
Cash and equivalents	1,462	1,884	n/a	n/a
Receivables	3,998	3,634	n/a	n/a
Inventory	3,562	3,615	n/a	n/a
Goodwill	23,539	23,896	n/a	n/a
Long-term debt including finance leases	16,781	16,887	n/a	n/a
Operating lease liabilities	504	537	n/a	n/a
Finance lease liabilities	n/a	214	n/a	n/a
Shareholders' equity	28,482	28,332	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	8,507	9,029	9,314	9,290	8,343	9,204	9,604	9,313	8,984	9,744	10,496	10,080
Cost of revenue	5,153	5,535	5,844	4,540	5,546	6,205	5,893	6,883	6,047	7,132	7,540	7,277
Gross profit	3,354	3,494	3,470	4,750	2,797	2,999	3,711	2,430	2,937	2,612	2,956	2,803
Gross margin	39%	39%	37%	51%	34%	33%	39%	26%	33%	27%	28%	28%
SG&A	1,869	2,019	2,259	1,938	1,891	1,630	1,980	1,711	1,725	1,795	1,942	1,916
Operating income	1,425	1,379	1,193	2,727	854	1,153	1,611	680	1,172	744	952	808
Operating margin	17%	15%	13%	29%	10%	13%	17%	7%	13%	8%	9%	8%
Interest expense	145	134	118	122	130	129	127	137	151	157	154	148
Pre-tax income	1,161	1,331	1,163	2,682	850	1,132	1,597	545	855	695	919	775
Tax rate	23%	27%	22%	24%	35%	29%	14%	28%	27%	20%	28%	29%
Net income	944	984	950	1,412	601	853	1,745	402	641	743	665	560
Net margin	11%	11%	10%	15%	7%	9%	18%	4%	7%	8%	6%	6%
Diluted EPS	$0.69	$0.72	$0.69	$1.04	$0.45	$0.63	$1.30	$0.31	$0.49	$0.57	$0.52	$0.44
Operating cash flow	850	1,177	1,564	1,324	822	1,305	1,459	1,092	308	717	2,397	467
Capital expenditure	272	285	332	299	367	316	405	277	305	299	398	312
Free cash flow	578	892	1,232	1,025	455	989	1,054	815	3.0	418	1,999	155
Buybacks	197	63.0	888	568	506	113	1,147	1,522	131	240	492	0.0
Dividends paid	526	526	579	578	573	571	627	623	610	609	645	644
Shares outstanding	1,360m	1,361m	1,346m	1,341m	1,336m	1,337m	1,294m	1,295m	1,294m	1,290m	1,282m	1,284m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 30 April 2024, accession 0001103982-24-000055: the filing on EDGAR. All of Mondelez International, Inc.'s filings: EDGAR company page.

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