News Summary: Mondelez 3Q net income falls
THE NEWS: Snack maker Mondelez International Inc. said Wednesday its net income fell in the third quarter, as revenue took a hit from the stronger dollar in its first quarter as an independent company.
THE CONTEXT: Kraft announced in August 2011 that it would be splitting in two by the end of 2012 so both sides of the business could focus better on their priorities. It announced the new name in March and the split took effect Oct. 1.
WHAT'S NEXT: Mondelez affirmed operating income guidance of $1.50 to $1.55 per share for the year. Analysts expect $1.44 per share.