Cocoa CostsManagement's guidance assumes that peak cocoa costs will impact results through the first half of 2025 due to pricing lags in Europe.
Earnings PressureDespite probable strong topline growth next year, management said EPS growth is unlikely, which should drive revisions down.
M&A StrategyReports emerged that Mondelez was exploring the acquisition of Hershey, which would seem to fall outside the bounds of its 'bolt-on' M&A strategy.