Mondelez International, Inc. (NASDAQ:MDLZ) Q1 2024 Earnings Call Transcript April 30, 2024 5:00 PM ET
Company Participants
Shep Dunlap - Senior Vice President, Investor Relations
Dirk Van De Put - Chairman and Chief Executive Officer
Luca Zaramella - Chief Financial Officer
Conference Call Participants
Ken Goldman - J.P. Morgan
Bryan Spillane - Bank of America
Robert Moskow - TD Cowen
Steve Powers - Deutsche Bank
Christopher Carey - Wells Fargo Securities
Rob Dickerson - Jefferies
Shep Dunlap
Good afternoon, and thank you for joining us. With me today are Dirk Van De Put, our Chairman and CEO; and Luca Zaramella, our CFO. Earlier today, we sent out our press release and presentation slides, which are available on our website.
During this call, we'll make forward-looking statements about the Company's performance. These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our 10-K, Q, and 8-K filings for more details on our forward-looking statements.
As we discuss our results today, unless noted as reported, we'll be referencing our non-GAAP financial measures, which adjust for certain items included in our GAAP results. In addition, we provide our year-over-year growth on a constant currency basis unless otherwise noted. You can find the comparable GAAP measures and GAAP to non-GAAP reconciliations within our earnings release and at the back of the slide presentation.
Today, Dirk will provide a business and strategy update, followed by a review of our financial results and outlook by Luca. We will close with Q&A.
I'll now turn the call over to Dirk.
Dirk Van De Put
Thank you, Shep, and thanks to everyone for joining the call today. I will start on Slide 4. I'm pleased to share that 2024 is off to a solid start with strong profit delivery. We posted solid top-line results in the first quarter, coupled with strong earnings and free cash flow generation. We continue to see momentum in emerging markets where consumer confidence remains strong and our categories remain resilient. There were a number of one-off factors that affect our sales in the quarter, such as the disruption with some of our European clients and the boycott of Western products in the Middle East and Southeast Asia. We delivered another quarter of strong gross profit dollar growth through ongoing cost discipline and sound pricing. And we also continued our track record of strong free cash flow generation of more than $1 billion this quarter.