By Connor Hart

Mondelez International said profit fell and revenue rose in the third quarter as higher prices and volumes helped offset the loss of its developed-market gum business.

The Chicago snack giant, which makes Oreos and Ritz crackers, on Tuesday reported a profit of $853 million, or 63 cents a share, compared with $984 million, or 72 cents a share, for the same period a year earlier.

Stripping out one-time items, the company's earnings came in at 99 cents a share. Analysts were expecting 85 cents a share.

Revenue rose 2% to $9.2 billion, beating the $9.11 billion that Wall Street forecast, according to FactSet.

The company said its performance in the recent quarter was hurt in part by the divestiture of its developed-market gum business, which included gum brands such as Trident and Dentyne, last year.

Sales fell by 7.7% and 0.7% in Latin America and North America, respectively. These losses were offset by a sales gain of 7.7% in Europe and 3.4% in Asia, the Middle East and Africa.

Organic sales, which exclude the effect of acquisitions, divestitures and currency fluctuations, increased 5.4% from last year, on higher prices and volumes.

Chief Executive Dirk Van de Put said the company remains focused on reinvesting in its brands, increasing distribution and improving efficiencies. "We continue working to accelerate our core business while strategically reshaping our portfolio -- for example, through our expanded partnership with Evirth, a leading manufacturer of cakes and pastries in China," he said.

Mondelez backed its full-year outlook, expecting organic net revenue growth at the high end of its 3% to 5% projection. The company guided for its adjusted per share earnings to rise in the high single digits.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

10-29-24 1646ET