Mondelēz International Inc. (NASDAQ:MDLZ)

The analysis of the quarterly financial results reveals several notable trends across revenue, cost structure, profitability, and other key financial items over the reported periods.

Net Revenues

Net revenues demonstrate a generally upward trajectory with some seasonal fluctuations. Beginning near 6.7 billion USD, revenues peaked at over 9.3 billion USD toward the end of the latest periods. There is a recurrent pattern of revenue increases in the fourth quarters followed by slight declines or slower growth in subsequent quarters.

Cost of Sales

Cost of sales also increased over time, aligning with rising revenues. Costs rose from approximately 4.3 billion USD to over 7 billion USD in later quarters. The growth in costs generally mirrors revenue growth but with occasional spikes in specific quarters, indicating potential variability in input prices or operational inefficiencies.

Gross Profit

Gross profit fluctuated more significantly than revenues, displaying a pattern that includes peaks and troughs across quarters. While gross profit increased initially, there are pronounced dips in some periods, particularly where cost increases outpaced revenue gains. Noteworthy is a sharp gross profit spike in one quarter reaching around 4.75 billion USD, indicating exceptional performance or cost control during that period.

Selling, General and Administrative Expenses (SG&A)

SG&A expenses maintained a relatively stable range but showed a tendency to increase over time, moving from about 1.5 billion USD to over 2 billion USD in certain quarters. Such an upward trend highlights increased investment or inflationary pressures affecting operating costs.

Asset Impairments and Exit Costs

These costs fluctuate, with some quarters showing negative values indicating expenses, while other quarters show positive or near-zero values. This inconsistency suggests episodic impairments and restructuring charges rather than a steady expense stream.

Amortization of Intangible Assets

The amortization expense remained relatively consistent, hovering around 30-50 million USD across quarters without major spikes, pointing to a stable intangible asset base.

Operating Income

Operating income shows considerable variance quarter over quarter, with periods of strong earnings exceeding 2.7 billion USD, offset by quarters with lower results below 700 million USD. This volatility correlates with observed gross profit fluctuations and variations in operating expenses.

Benefit Plan Non-Service Income (Expense)

This item remains fairly stable and relatively minor, with occasional small positive or negative impacts that do not materially affect overall profitability trends, except for a few periods with notable negative values indicating plan-related costs.

Interest and Other Expense, Net

The interest and other expenses show moderate variations without clear trending, mostly remaining negative and contributing a consistent expense burden throughout the periods.

Earnings Before Income Taxes (EBIT)

EBIT follows the pattern of operating income but with some amplification due to other income or expense items. There are noticeable peaks reaching over 2.6 billion USD and troughs near 545 million USD, reflecting cyclical earnings performance.

Income Tax Provision

Tax provisions fluctuate noticeably, sometimes reflecting high charges corresponding with strong earnings quarters, and at other times being lower in line with decreased earnings. The pattern indicates tax expenses proportional to taxable income without an abnormal deviation.

Gain (Loss) on Equity Method Investments and Related Transactions

These items are highly variable, including large gains, severe losses, and periods near zero, implying significant volatility from equity investments. Occasional sizable gains or losses have material impact on total earnings in certain quarters.

Net Earnings

Net earnings attributable to the company exhibit substantial variability. While some quarters show robust profits above 2 billion USD, others dip below 400 million USD. This cyclical pattern is driven by fluctuating revenues, costs, operating income, non-operating items, and tax impacts. Despite volatility, the company demonstrates the capacity for strong profitability in favorable quarters.

Noncontrolling Interest

Noncontrolling interest earnings and losses have modest impact, fluctuating between slight gains and losses, normally representing a minor portion of total net earnings.

Overall, the financial data indicates growth in scale with revenues and costs increasing over time. Profitability is subject to volatility influenced by operational performance, cost management, and non-operating gains or losses. Expense control, particularly within SG&A and impairments, appears to be a critical factor for sustaining margins. The equity investment results contribute additional variability, suggesting exposure to investment risks or opportunities beyond core operations.