Mondelez profit falls short of expectations

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Associated Press

Posted on February 13, 2013 at 5:00 PM

Updated Wednesday, Feb 13 at 5:02 PM

NEW YORK (AP) — Shares of Mondelez International Inc. dropped in after-hours trading Wednesday after the maker Oreo, Cadbury and Nabisco reported fourth-quarter profit that fell short of Wall Street expectations.

After splitting from Kraft Foods last year, the company also says it expects 2013 revenue growth to in the low range of its long-term growth target of 5 percent to 7 percent.

For the October to December period, the company earned $534 million, or 30 cents per share. That's compared with $830 million, or 47 cents per share, in the year-earlier period.

Revenue fell 2 percent to $9.5 billion. On an adjusted basis, which reflects the spinoff, operating income was 36 cents per share.

Analysts on average expected a profit of 37 cents per share on revenue of $9.65 billion.

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