Core Insights - Investors are evaluating the value opportunities presented by Utz Brands (UTZ) and Mondelez (MDLZ) in the food sector [1] - Both companies currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and improving earnings outlooks [3] Valuation Metrics - UTZ has a forward P/E ratio of 14.22, while MDLZ has a forward P/E of 22.52, suggesting that UTZ is more attractively priced [5] - The PEG ratio for UTZ is 1.45, compared to MDLZ's PEG ratio of 5.62, indicating that UTZ may offer better value relative to its expected earnings growth [5] - UTZ's P/B ratio stands at 1.23, while MDLZ's P/B ratio is 3.40, further supporting the notion that UTZ is undervalued compared to MDLZ [6] Value Grades - Based on the valuation metrics, UTZ has a Value grade of B, while MDLZ has a Value grade of C, highlighting UTZ as the superior value option at this time [6]

Group 1 - The article highlights various new bakery products and seasonal offerings from different brands, emphasizing creativity and unique flavors in the baking industry [1][2][3][4][5][6][7][9][11][13][15][17][19][21][23][25][27][29][31][33][35][37][39][41][43][45][47][49][51][54][56][58][60][62][64][66][68][70][72][74][77][79][81][83][85][87][89][91][92][94][96][98][100][102][104] Group 2 - The article mentions the collaboration of Starbucks with the band Mayday, introducing themed products and a special store design [106] - DQ has launched a new zero-sugar yogurt ice cream bowl, focusing on health-conscious consumers [107] - Bawang Tea has introduced new products nationwide, showcasing a blend of tea and art [108] - Kang Shifu has released a new salty milk tea, emphasizing quality ingredients [109] - Let Tea has partnered with Hema to launch a limited edition tea series [110] - Jinlongyu has entered the health food sector with new product lines [111] Group 3 - K Coffee has surpassed 1,000 stores in China, indicating rapid growth in the coffee market [112] - Mondelez reported a profit decline due to unprecedented cocoa costs, despite a slight revenue increase [113] - The tea brand Hu Shang A Yi has seen significant oversubscription in its recent IPO [114] - Nestlé plans to improve its nutrition reporting practices [115] - MoreYogurt has launched a new store format in Shanghai, focusing on yogurt-based products [116]

Core Insights - Mondelez International, Inc. (MDLZ) reported first-quarter 2025 results with net revenues increasing year over year but missing the Zacks Consensus Estimate, while adjusted earnings per share (EPS) declined year over year but exceeded consensus expectations [1][2] Financial Performance - Adjusted EPS was 74 cents, down 18.3% on a constant-currency basis, beating the Zacks Consensus Estimate of 65 cents [2] - Net revenues rose 0.2% year over year to $9,313 million, missing the Zacks Consensus Estimate of $9,332 million, with growth attributed to the Evirth acquisition but offset by negative currency impacts [2] - Organic net revenues grew 3.1% year over year, driven by a 6.6 percentage point increase in pricing, partially offset by a 3.5 percentage point unfavorable volume/mix impact [3] Market Segment Performance - Revenues from emerging markets decreased 0.3% to $3,723 million but increased 3.9% on an organic basis, supported by a 7.6 percentage point increase in pricing [4] - Revenues from developed markets increased 0.6% to $5,590 million, with an organic rise of 2.6%, primarily due to strong pricing execution [5] - Region-wise, revenues in Latin America and North America declined 8.8% and 4.1%, respectively, while Asia, the Middle East & Africa, and Europe grew 3.4% and 5.4% [6] Profitability Metrics - Adjusted gross profit fell by $437 million on a constant-currency basis, with the adjusted gross profit margin contracting 580 basis points to 33.4% due to increased raw material and transportation costs [7] - Adjusted operating income declined by $308 million on a constant-currency basis, with the adjusted operating income margin contracting 370 basis points to 14.8% [8] Financial Health - The company ended the quarter with cash and cash equivalents of $1,561 million, long-term debt of $15,796 million, and total equity of $25,823 million [9] - Net cash from operating activities was $1,092 million for the three months ended March 31, 2025, with adjusted free cash flow of $815 million [9] - Mondelez returned $2.1 billion to shareholders through cash dividends and share repurchases in the first quarter of 2025 [10] Future Outlook - Mondelez projects organic net revenue growth of around 5% in 2025, with adjusted EPS expected to decline nearly 10% on a constant-currency basis due to unprecedented cocoa cost inflation [11] - The company anticipates that currency translation will not impact 2025 net revenue growth and adjusted EPS [11] - Mondelez's shares have risen 12.3% in the past three months, outperforming the industry's 2.5% decline [11]

近日，亿滋国际发布2024年度《享受好零食报告》（Snacking Made Right Report），披露公司在各个可 持续发展目标下取得的进展。此次发布的报告凸显了亿滋国际在推动零食行业更加可持续发展方面的长 期努力，并重申公司将"可持续发展"列为与增长、执行、文化并列的第四大战略支柱的承诺。在亿滋中 国，我们积极探索全价值链的减排，除了关注自身直接排放和外购能源产生的温室气体排放外，还关注 第三方物流等间接排放。 该报告还彰显了亿滋国际对透明度的持续承诺，展示了其在推动更可持续的发展和更用心的零食方面取 得的实质性进展。2024年亿滋国际取得的进展包含： ● 通过"可可之生"（Cocoa Life）这一公司标志性的可可可持续发展项目，赋能农业社区并修复耕 作生态，目前公司近91%的可可原料采购已被纳入该项目； ● 加速气候行动，较2018基准年，端到端温室气体排放降低约12%； ● 节能减排：依据内部数据统计，较2018基准年，2024年产量增长约29%，二氧化碳当量排放降低 48.8%； ● 在包装循环经济方面取得进展，约96%的产品包装实现了设计可回收； ● 提升用心设计分量产品的占比，超过84% ...

Q1 2025 RESULTS April 29, 2025 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws. Words, and variations of words, such as "will," "may," "expect," "would," "could," "might," "intend," "plan," "believe," "likely," "estimate," "anticipate," "objective," "predict," "project," "drive," "seek," "aim," "target," "potential," "commitment," "outlo ...

Financial Data and Key Metrics Changes - The company reported a 3.1% growth in organic net revenue for Q1 2025, driven by strong pricing execution in the chocolate business despite significant cocoa input cost inflation [6][18] - Adjusted gross profit was significantly impacted by record cocoa costs, leading to an 18% decline in EPS on a constant currency basis [9][32] - Free cash flow for the quarter was $800 million, indicating strong cash generation capabilities [9][33] Business Line Data and Key Metrics Changes - The chocolate segment grew by 10.1%, with significant growth across both developed and emerging markets, although volume mix was down 5.7% due to elasticity and trade destocking [22][24] - The biscuits and baked snacks category grew by 0.3%, with notable brands like Loo and Seven Days contributing to growth, but faced challenges in the U.S. due to retailer destocking [20][21] - Gum and candy grew by 1%, driven by performance in China and Mexico, but faced volume mix challenges due to trade destocking in the U.S. [22] Market Data and Key Metrics Changes - North America experienced a decline of 3.6% primarily due to retailer destocking and softer consumer demand, particularly in the food and mass channel [26] - Europe grew by 8.9% in Q1, with strong execution and growth in key countries like the UK, France, and Germany [24] - Emerging markets grew by 3.9%, with Brazil and China showing strength, while India faced challenges due to inflationary pressures [19][28] Company Strategy and Development Direction - The company remains committed to its strategic growth agenda, focusing on brand reinvestment, expanding distribution, and sustainability initiatives [11][14] - The chocolate strategy is on track, with a focus on offering a variety of pack sizes to cater to different consumer needs and maintaining entry-level pricing [15][16] - The company aims to continue innovating with new flavors and formats, leveraging strong brand loyalty to drive long-term success [17][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year outlook despite external volatility, highlighting strong pricing execution and category growth [6][7] - Consumer sentiment is mixed, with significant declines in the U.S. due to inflation fears, while European consumer confidence remains stable [46][49] - The company anticipates a gradual improvement in the U.S. biscuits category as destocking subsides and promotional activities increase [107] Other Important Information - The company achieved a top-tier ranking in the global advantage survey for retailer partnerships, reflecting strong relationships with retailers [13] - Sustainability efforts are progressing well, with 91% of cocoa volume sourced through the Cocoa Life program and a 12% reduction in carbon emissions since 2018 [14] Q&A Session Summary Question: Trends in key regions for the year ahead - Management noted strong pricing execution in Europe and share gains in emerging markets, particularly in China and Brazil, despite softness in North America [41][44] Question: Key considerations for North America and pricing in Europe - Management reaffirmed confidence in pricing strategies and noted that the Easter season was strong, with expectations for improved results in Q2 [55][58] Question: Strategy to mitigate cocoa inflation - The company is executing a multifaceted strategy involving pricing, productivity, and RGM, with a focus on maintaining key price points and offering a range of pack sizes [67][70] Question: Profit dollar generation and future cadence - Profit dollar generation exceeded expectations due to better pricing, productivity improvements, and favorable commodity procurement [93][96] Question: Insights on North American biscuit category softness - Management highlighted the need to focus on price points and promotional activities to address category softness, with expectations for gradual improvement [102][106]

Group 1: Passive Income and Investment Opportunities - Generating passive income can lead to financial freedom and increased independence [1] - Investing in high-yield dividend stocks, particularly in the food and beverage industry, is a viable strategy for passive income [2] Group 2: Mondelez - Mondelez has a current dividend yield of 2.9%, which is more than double the S&P 500's yield of 1.4% [3] - The company owns iconic brands like Oreo and Cadbury, generating billions in revenue and free cash flow, supporting a 10.5% compound annual growth rate in dividends over the past five years [4] - Mondelez aims for organic revenue growth of 3% to 5% annually, supporting high-single-digit EPS growth, and has a strong balance sheet for acquisitions [5] Group 3: PepsiCo - PepsiCo offers a dividend payout of 4.1% and plans to increase it by 5% starting in June, marking 53 consecutive years of dividend growth [6] - The company has a diverse portfolio of brands, many generating over $1 billion in annual sales, with durable demand [7] - PepsiCo invests in product innovation and productivity, expecting 4% to 6% annual organic revenue growth and high-single-digit EPS growth, with a strong balance sheet for acquisitions [8] Group 4: Starbucks - Starbucks has a dividend yield of 2.9% and has increased its dividend for 14 consecutive years, with a 20% compound annual growth rate during that period [9] - The company sees potential to double its U.S. store footprint and expand internationally, with over 40,000 stores currently [9] - Starbucks aims to enhance sales growth and profitability by focusing on coffee and improving customer experience [10] Group 5: Industry Overview - The food and beverage sector is characterized by steadily rising revenue and cash flow, enabling companies to pay growing dividends [12] - Companies like Mondelez, PepsiCo, and Starbucks are highlighted as strong candidates for passive income due to their enticing and steadily increasing dividends [12]

Company Performance - Mondelez reported quarterly earnings of $0.74 per share, exceeding the Zacks Consensus Estimate of $0.65 per share, but down from $0.95 per share a year ago [1] - The earnings surprise for this quarter was 13.85%, while the previous quarter saw a surprise of -1.52% [2] - The company posted revenues of $9.31 billion for the quarter ended March 2025, slightly missing the Zacks Consensus Estimate by 0.21%, and showing a year-over-year increase from $9.29 billion [3] Stock Movement and Outlook - Mondelez shares have increased approximately 9% since the beginning of the year, contrasting with a -6% decline in the S&P 500 [4] - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $0.66 for the upcoming quarter and $2.90 for the current fiscal year [5][8] - The estimate revisions trend for Mondelez is currently favorable, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [7] Industry Context - Mondelez operates within the Zacks Food - Miscellaneous industry, which is currently ranked in the top 34% of over 250 Zacks industries [9] - Historical data suggests that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [9]

Financial Data and Key Metrics Changes - The company reported a 3.1% growth in organic net revenue for Q1 2025, driven by strong pricing execution in the chocolate business despite significant cocoa input cost inflation [6][18] - Adjusted gross profit was significantly impacted by record cocoa costs, leading to an 18% decline in EPS on a constant currency basis [9][32] - Free cash flow for the quarter was $800 million, with a stock repurchase of $1.5 billion at an average price of $57.91 [9][33] Business Line Data and Key Metrics Changes - The chocolate segment grew by 10.1%, with significant growth across both developed and emerging markets, although volume mix was down 5.7% due to elasticities and trade destocking [22][24] - The biscuits and baked snacks category grew by 0.3%, with notable brands like Loo and Seven Days contributing to growth, but faced challenges in the U.S. due to retailer destocking [20][21] - Gum and candy grew by 1%, driven by performance in China and Mexico, but faced volume mix challenges in the U.S. [22] Market Data and Key Metrics Changes - North America experienced a revenue decline of 3.6%, primarily due to retailer destocking and softer consumer demand, particularly in the food and mass channel [26] - Europe saw an 8.9% growth in Q1, with strong execution in key countries like the UK, France, and Germany, benefiting from successful pricing execution and Easter season performance [24][25] - Emerging markets grew by 3.9%, with strong performance in Brazil and China, although India and Southeast Asia showed some softness [19][28] Company Strategy and Development Direction - The company remains committed to its strategic growth agenda, focusing on brand reinvestment, expanding distribution, and sustainability initiatives [11][14] - The chocolate strategy is on track, with a focus on offering a variety of pack sizes and maintaining entry-level pricing to drive consumption [15][16] - The company aims to navigate cocoa cost challenges while driving long-term category health and share gains [17][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year outlook despite external volatility, highlighting strong pricing execution and category growth [6][7] - Consumer sentiment is mixed, with North America facing significant challenges due to inflation fears, while Europe shows stable consumer confidence [46][49] - The company expects to see an acceleration in top-line growth in Q2, driven by successful Easter activations and improved pricing strategies [60][62] Other Important Information - The company achieved a top-tier ranking in the global advantage survey for retailer partnerships and made significant progress in sustainability targets [13][14] - Cocoa prices remain elevated, but the company anticipates a small surplus for the year, with expectations of potential demand declines impacting future cocoa prices [33][34] Q&A Session Summary Question: Trends in key regions for the year ahead - Management noted strong pricing execution in Europe and share gains in emerging markets, while North America remains softer due to retail destocking [41][44] Question: Key considerations for North America and pricing in Europe - Management reaffirmed guidance for 2025, highlighting successful customer negotiations and strong pricing execution across markets [55][56] Question: Strategy to mitigate cocoa inflation - The company emphasized a balanced approach involving pricing, productivity, and RGM strategies, with ongoing monitoring of consumer reactions [67][68] Question: Insights on North American destocking - Destocking was primarily observed in food and mass channels, with DSD systems not fully mitigating the impact [88][89] Question: Profit dollar generation and future cadence - The company experienced better-than-expected profit dollar generation due to improved pricing and productivity, with manageable tariff impacts anticipated [93][96]

Financial Performance - Net revenues increased 0.2% to $9.3 billion in Q1 2025 compared to the same period in the prior year, driven by higher net pricing and incremental revenue from the acquisition of Evirth[126]. - Organic Net Revenue rose 3.1% to $9.6 billion in Q1 2025, attributed to higher net pricing, partially offset by unfavorable volume/mix[126]. - Diluted EPS attributable to Mondelēz International decreased 70.2% to $0.31 in Q1 2025, impacted by unfavorable mark-to-market changes and costs from the ERP System Implementation[126]. - Adjusted EPS fell 20.4% to $0.74 in Q1 2025, with a constant currency decrease of 18.3% to $0.76, driven by operating declines and higher interest expenses[126]. - Net revenues for the first quarter of 2025 increased by $23 million (0.2%) to $9,313 million, with Organic Net Revenue growth of $291 million (3.1%) to $9,556 million[131]. - Net earnings attributable to Mondelēz International were $402 million, a decrease of $1,010 million (71.5%), with diluted EPS at $0.31, down $0.73 (70.2%) from the previous year[143]. - Operating income decreased by $2,047 million (75.1%) to $680 million, with Adjusted Operating Income down $335 million (19.6%) to $1,375 million[134]. - Total segment operating income for the first quarter of 2025 was $680 million, a significant decrease of $2,047 million (75.1%) from $2,727 million in 2024[150]. Revenue Drivers - The acquisition of Evirth (Shanghai) Industrial Co., Ltd. was completed in Q4 2024, enhancing the company's presence in the cake and pastry market in China[121]. - The acquisition of Evirth on November 1, 2024, contributed an incremental $99 million in net revenues for the first quarter of 2025[132]. - Higher net pricing was observed across all regions except North America, driven by carryover pricing from 2024 and input cost-driven pricing actions[138]. - Unfavorable volume/mix was experienced across all regions, reflecting volume declines due to pricing elasticity impacts and category softness in North America[132]. - Latin America segment net revenues decreased by $116 million (8.8%) to $1,203 million, primarily due to unfavorable currency impacts and volume declines[152][153]. - AMEA segment net revenues increased by $66 million (3.4%) to $2,016 million, driven by an acquisition that contributed $99 million in net revenues[155][156]. - Europe segment net revenues rose by $182 million (5.4%) to $3,550 million, supported by higher net pricing[158][159]. - North America segment net revenues decreased by $109 million (4.1%) to $2,544 million, impacted by unfavorable volume/mix and currency translation[161][162]. Currency and Commodity Impact - In Q1 2025, unfavorable currency-related items impacted Organic Net Revenue by $342 million (3.7 pp) due to currency translation rate changes[119]. - Currency-related items negatively impacted net revenues by $342 million due to unfavorable currency translation rate changes[132]. - Commodity costs increased due to higher prices for cocoa, dairy, packaging, energy, and nuts, partially offset by lower sugar, grains, and edible oils costs[179]. - The company expects elevated cocoa costs in the near- and medium-term due to ongoing supply chain disruptions and higher commodity costs[182]. - The company utilizes hedging, higher pricing, and cost control to address commodity cost increases, but may not fully hedge against all cost fluctuations[183]. Operational Challenges - The company anticipates ongoing volatility in future snacks revenue growth due to macroeconomic uncertainties and inflationary pressures[111]. - The war in Ukraine has led to operational challenges, with Ukraine and Russia contributing 0.4% and 3.1% to consolidated net revenue, respectively, in Q1 2025[114]. - The company continues to monitor trade and regulatory uncertainties, particularly regarding tariffs that could significantly impact revenue and costs[112]. - Incremental costs related to the war in Ukraine, including asset impairments and higher allowances for uncollectible accounts, are isolated and excluded from operating results[9]. Capital and Expenditures - The company expects capital expenditures for 2025 to be up to $1.3 billion, focusing on modernizing manufacturing facilities and supporting productivity initiatives[170]. - Dividends paid in the first quarter of 2025 amounted to $623 million, an increase from $578 million in the same period of 2024[172]. - Total debt increased to $19.5 billion as of March 31, 2025, up from $17.7 billion at the end of 2024, with a debt-to-capitalization ratio of 0.43[176]. - The company generated $1,092 million in net cash from operating activities in the first quarter of 2025, down from $1,324 million in 2024[168][169]. Risk Management - The company faces risks from macroeconomic conditions, geopolitical uncertainties, and changes in consumer preferences that could affect performance[186]. - The company is primarily exposed to currency exchange rate, commodity price, and interest rate market risks, which are managed as part of its overall risk management program[195]. - Derivative instruments are utilized to reduce earnings fluctuations from volatility in currency exchange rates, commodity prices, and interest rates[196]. Non-GAAP Measures - Non-GAAP financial measures, such as Organic Net Revenue and Adjusted Operating Income, are used to evaluate business performance and trends[188]. - Organic Net Revenue excludes impacts from acquisitions, divestitures, and currency-related items, reflecting underlying business growth[191]. - Adjusted Operating Income excludes various impacts, including those from the Simplify to Grow Program and acquisition-related items, to provide comparability of operating results[191]. - The company evaluates its operating performance on a constant currency basis, excluding the effects of currency translation rate changes and extreme pricing increases in Argentina starting Q1 2024[4]. - Unrealized gains and losses from commodity and foreign currency derivative contracts are excluded from non-GAAP earnings measures to remove volatility from future inventory purchases[8]. - Gains and losses on partial or full sales of equity method investments are excluded from non-GAAP financial measures to better reflect underlying operations[15].