Mondelez sees mid-to-high single digit adjusted EPS growth for FY22

The company is updating its FY22 outlook to reflect expectations for continued top-line growth, higher cost of goods sold inflation, the timing effect of additional pricing actions and the impact of the war in Ukraine. For 2022, the company now expects 4%+ organic net revenue growth, which reflects the strength of its first quarter and higher pricing related to increased input costs. The company also now expects mid-to-high single digit adjusted EPS growth on a constant currency basis due to the current estimates of the loss of earnings from the war in Ukraine and material commodity cost increases due primarily to increases in energy costs. The company's free cash flow outlook remains at $3B+. The company estimates currency translation would decrease 2022 net revenue growth by approximately 3% with a negative 17c impact to adjusted EPS. Outlook is provided in the context of greater than usual volatility as a result of COVID-19 and geopolitical uncertainty.