UPDATE: Mondelez International Posts Higher Q2 Profit, Cuts Revenue Forecast

Mondelez International MDLZ reported a 3.5% gain in its second-quarter earnings and cut its revenue forecast for the full year. Mondelez now projects core sales to rise 2% to 2.5%, versus its prior outlook of 3% growth. The Deerfield, Illinois-based company posted a quarterly net profit of $622 million, or $0.36 per share, versus a year-ago profit of $601 million, or $0.33 per share. Excluding special items, Mondelez's earnings per share climbed to $0.40 from $0.36. Its revenue fell 1.8% to $8.44 billion. However, analysts were estimating earnings of $0.39 per share on revenue of $8.65 billion. Latin America's organic revenue rose 11.8% in the quarter, while Asia Pacific's organic revenue slipped 8.3%. Organic revenue from EEMEA rose 6.3%, while organic revenue from Europe shrank 1.9%. North America's organic revenue growth was 2.7% in the quarter. Mondelez also lifted its quarterly dividend by $0.01 per share to $0.15 per share. "We're making good progress on the strategic and cost-reduction actions we announced in May to strengthen our core snacking business, simplify our operations and enhance our margins," said Irene Rosenfeld, Chairman and CEO. Mondelez shares fell 2.39% to $35.10 in pre-market trading.