- New $9 billion authorization for share repurchase
- Company declares regular quarterly dividend of $0.47 per share
- Confirming capital allocation priorities, including brand and capability
reinvestment, bolt-on acquisitions, share repurchase and dividends
CHICAGO, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Mondelez International, Inc. (NASDAQ: MDLZ) approved a new share repurchase authorization of up to $9 billion of Class A common stock, effective January 1, 2025. The new authorization, effective until December 31, 2027, will replace the current $6 billion authorization, of which approximately $2.8 billion is presently remaining and would otherwise expire on December 31, 2025. The company may repurchase the shares in open market transactions, privately negotiated transactions or a combination of the foregoing. Share repurchases are subject to the company's discretion based on market conditions, business considerations and other factors.
The Board of Directors also declared a regular quarterly dividend of $0.47 per share of Class A common stock. This dividend is payable on January 14, 2025, to shareholders of record as of the close of business on December 31, 2024.
The company also remains committed to its key capital allocation priorities, which include reinvesting in brands and capabilities, returning capital to shareholders through share repurchases and dividends, and M&A. Given current market conditions, share repurchase remains an opportunity and key priority. The company remains committed to an acquisition strategy that is focused on bolt-on assets similar to recent acquisitions of Chipita, Clif and Ricolino.
"Our new $9 billion share repurchase authorization reflects the strength of our business with robust profit dollar and cash flow growth to reinvest in brands and capabilities while also returning significant capital to our shareholders," said Chairman and CEO Dirk Van de Put. "We continue to make significant progress against our strategy of accelerating growth and focusing our portfolio in the attractive, resilient categories of chocolate, biscuits and baked snacks. Our teams remain focused on executing against our growth agenda in a challenging and dynamic operating environment."
About Mondelez International
Mondelez International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2023 net revenues of approximately $36 billion, MDLZ is leading the future of snacking with iconic global and local brands such as Oreo, Ritz, LU, Clif Bar and Tate's Bake Shop biscuits and baked snacks, as well as Cadbury Dairy Milk, Milka and Toblerone chocolate. Mondelez International is a proud member of the Standard and Poor's 500, Nasdaq 100 and Dow Jones Sustainability Index. Visit www.mondelezinternational.com or follow the company on X at x.com/MDLZ.
Forward-Looking Statements
Forward-Looking Statements This press release contains forward-looking statements. Words, and variations of words, such as "will," "may," "expect," "plan," "continue" and similar expressions are intended to identify these forward-looking statements, including, but not limited to, statements of belief or expectation and statements about Mondelez International's leadership position in snacking. These forward-looking statements are subject to change and to inherent risks and uncertainties, many of which are beyond Mondelez International's control, which could cause Mondelez International's actual results or outcomes to differ materially from those projected or assumed in these forward-looking statements. Please also see Mondelez International's risk factors, as they may be amended from time to time, set forth in its filings with the U.S. Securities and Exchange Commission, including its most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. There may be other factors not presently known to Mondelez International or which it currently considers to be immaterial that could cause Mondelez International's actual results to differ materially from those projected in any forward-looking statements it makes. Mondelez International disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.
| Contact: | Tracey Noe (Media) | Shep Dunlap (Investors) |
| +1 847 943 4772 | +1 847 943 5454 | |
| news@mdlz.com | ir@mdlz.com |
