Achieved strong results in challenging operating environment
Organic Net Revenue Growth
Thursday, January 28, 2021
On January 28, 2021, we reported our fourth quarter 2020 results.
"2020 was a successful year for Mondelēz International and I am proud of our performance, including record share gains, in a challenging operating environment. Our categories were resilient, with the exception of gum which represented 5% of our revenue in 2020. The strength of our brands was evident, as was the dedication of colleagues around the world who executed with excellence in difficult circumstances. We made meaningful progress with our strategic agenda in 2020, continuing to increase investment in brands and capabilities, simplifying our portfolio, expanding into adjacent categories and making acquisitions in high growth areas of snacking. We moved quickly to mitigate incremental COVID-related costs and delivered on our commitment to generate strong cash flow.
"We enter 2021 in a strong position financially and in the marketplace which gives us confidence that we can deliver on our long-term growth targets in 2021 and beyond," said Dirk Van de Put, Chairman and Chief Executive Officer.
Full year highlights:
- Net revenues increased 2.8% primarily driven by Organic Net Revenue1 growth of 3.7%
- Diluted EPS was $2.47, down 8.2%; Adjusted EPS was $2.59, up 6.5% on a constant-currency basis
- Cash provided by operating activities was $4.0 billion, flat versus prior year; Free Cash Flow1 was $3.1 billion, an increase of $0.1 billion versus prior year
- Return of capital to shareholders was $3.1 billion
Fourth quarter highlights:
- Net revenues increased 5.6% primarily driven by Organic Net Revenue1 growth of 3.2%
- Diluted EPS was $0.80, up 60.0%; Adjusted EPS was $0.67, up 8.2% on a constant-currency basis
- Resumed share repurchase program in November and returned $1.1 billion of capital to shareholders including $0.7 billion in repurchases
For more information, see our press release here.
- Organic Net Revenue, Adjusted Gross Profit (and Adjusted Gross Profit margin), Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Free Cash Flow and presentation of amounts in constant currency are non-GAAP financial measures. Please see discussion of non-GAAP financial measures at the end of the press release for more information.