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Mondelez 1Q Performance Beats Street; Reaffirms 2016 Outlook

Mondelez's first-quarter results beat analysts' expectations, thanks partly to lower expenses, improved volumes and higher prices.

DEERFIELD, Ill. (AP) — Mondelez's first-quarter results beat analysts' expectations, thanks partly to lower expenses, improved volumes and higher prices.

The maker of Oreo cookies, Cadbury chocolate and Trident gum earned $554 million, or 35 cents per share, for the three months ended March 31. A year earlier the Deerfield, Illinois-based company earned $324 million, or 19 cents per share.

Earnings, adjusted for restructuring costs and non-recurring costs, were 48 cents per share. This topped the 40 cents per share that analysts surveyed by Zacks Investment Research predicted.

Selling, general and administrative expenses dropped to $1.62 billion from $1.92 billion. Interest and other expense fell to $244 million from $386 million.

Revenue fell to $6.46 billion from $7.76 billion, stung partly by a strong dollar. It still beat the $6.44 billion that Wall Street expected.

The company still foresees double-digit growth of 2016 adjusted earnings per share, on a constant-currency basis.

Mondelez also announced that Mark Clouse, chief commercial officer, will leave the company to join another food business. Mondelez does not plan to name a successor.

Shares of Mondelez International Inc. climbed $1.71, or 4 percent, to $44.21 in Wednesday morning trading.