Mondelez Earnings: Sweetening Marks in North America Buoy Top-Line Results; Shares Still Attractive

Mondelez posted 2.2% organic sales growth in the second quarter, reflecting a 1.5% price increase and a 0.7% benefit from higher volumes and a favorable mix. While the adjusted operating margin slipped 120 basis points to 13.1%, this followed a double-digit percentage increase in brand spending.