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Mondelez International Inc. said its third-quarter income jumped 57 percent as it cut costs to make up for sluggish revenue growth.
The maker of Oreo cookies, Triscuits and Cadbury chocolate raised its earnings expectations for the year but warned that weak biscuit sales in China and slowing coffee growth will continue to pressure revenue.
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The Deerfield company said it earned $1.02 billion, or 58 cents per share, up from $652 million, or 37 cents per share, a year ago.
Revenue rose 2 percent to $8.47 billion.
Sales in its core brands are expected to rise by 4 percent this year, compared with an expected 5 to 7 percent growth.
