Mondelez International’s (MDLZ) quarterly net revenue slumped nearly 18 percent, the 11th straight quarter of decline, as sales fell in markets outside North America.
The Oreo cookie and Cadbury chocolate maker’s shares declined about 1 percent to $44.73 in light premarket trading on Wednesday.
Mondelez said sales fell by 26.5 percent in Europe, its biggest market, in the second quarter. The company gets more than a quarter of its total revenue from the region.
Sales plunged by a third in Latin America and fell slightly in Asia Pacific.
However, Mondelez said it expected incremental earnings of 3-5 cents per share for the full year.
Lower-than-expected interest expenses and strong results from its coffee joint venture investments will offset the impact of a strong dollar and Britain’s vote to exit the European Union, the company said. Mondelez holds its coffee business in a joint venture with D.E. Master Blenders.
Separately, Mondelez said its “Milka” chocolates and more than a dozen core products would hit shelves in China from September.
The company’s net revenue fell to $6.30 billion in the quarter ended June 30, but beat the average analyst estimate of $6.33 billion, according to Thomson Reuters I/B/E/S.
Net income attributable to the company rose 14.3 percent to $464 million, or 29 cents per share.
Excluding items, Mondelez earned 44 cents per share, topping the average estimate of 40 cents.
Last month, Mondelez offered to buy chocolate maker Hershey (HSY) in a $23 billion cash-and-stock deal, an offer Hershey rejected.
