CHICAGO, Nov. 1, 2022 (GLOBE NEWSWIRE) — Mondelez International, Inc. (Nasdaq: MDLZ) reported its third quarter 2022 results.
“Our third-quarter functionality demonstrates the resilience of our snack categories, the strength of our brands, broad-based net income expansion from our emerging and evolved markets, effective price execution and forged volume expansion, allowing us to build our annual profit and earnings outlook. ” said Dirk Van de Put. Lead Executive Director. Despite continued macroeconomic volatility, we remain focused on executing our strategy and delivering things we can control, adding support to our brands and maintaining healthy volumes, while continuing to drive strong dollar earnings expansion and long-term market percentage gains. »
Net income
Operating source of revenue and diluted UPA
Third Quarter Commentary
The corporate announced 3 new members of its control team:
Outlook for 2022 Mondelez International provides its outlook on a non-GAAP basis, as the company cannot expect certain pieces to be included in the reported GAAP results, and adds the effect of exchange rates. See the Non-GAAP Discussion Perspective segment below for more details.
For 2022, the company is updating its budget outlook for 2022 and now expects a biological net income expansion of more than 10% compared to the previous outlook of more than 8%, reflecting its strong performance to date. EPS expansion in consistent currency is now more than 10% compared to the previous medium to high outlook. the repurchase of unearned shares of the Employee Stock Ownership Plan. The Company estimates that currency translation would reduce net sales growth in 2022 by approximately 6. 4%3 with a negative effect of $0. 26 on adjusted EPS3. The outlook is provided against the backdrop of above-normal volatility due to COVID-19 and geopolitical uncertainty.
Mondelez International Teleconference will hold a telephone convention for investors with slides attached to review its effects at five p. m. m. And today. There will be a webcast just to listen to on www. mondelezinternational. com. An archive of the webcast will be available on the company’s website.
About Mondelez International Mondelez International, Inc. (Nasdaq: MDLZ) allows others to eat snacks in more than 150 countries around the world. With net revenues of approximately $29 billion in 2021, MDLZ leads the long-term snack with iconic global and local brands such as Oreo, belVita and LU cookies; Cadbury Dairy Milk, Milka chocolate and Toblerone; Candy Sour Patch Kids and Trident gum. Mondelez International is a proud member of the Standard and Poor’s 500, Nasdaq Cien and Dow Jones Sustainability Index. Visit www. mondelezinternational. com or join the company on Twitter at www. twitter. com/MDLZ.
Final notes
Additional definitions Emerging markets come with the Latin American region as a whole; Asia, Middle East and Africa Australia, New Zealand and Japan; and the following countries in the European region: Russia, Ukraine, Turkey, Kazakhstan, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, Baltic States and Eastern Adriatic countries.
Developed markets come with the entire North America region, the Europe region that countries come with in the definition of emerging markets, and Australia, New Zealand and Japan from the Asia, Middle East and Africa region.
Forward-Looking Statements This press release contains a number of forward-looking statements. Words and word diversifications, such as “will”, “possibly”, “expect”, “could”, “could”, “intend”, “plan”, “believe” Array “likely”, “estimate”, “anticipate” , “aim”, “predict”, “project”, “seek”, “target”, “target”, “prospective”, “prospects” and similar expressions are intended to identify our forward-looking statements, adding, but not limited to, statements about: the effect on our business of the war in Ukraine and existing and long-term sanctions imposed by governments or other authorities, aggregating the effect on such matters as charges, markets, the global economic environment, availability of raw materials , demand, source for clients and customers of our Ukrainian business, impediments, judgment and our ability to control our operations and our business in Russia and Ukraine, and our effects of operations; the effect of the COVID-19 pandemic and related disruptions on our business, aggregating customer demand, charges, product mix, our strategic initiatives, our global supply chains and those of our partners, our operations, our technologies and assets , and our monetary performance; volatility, inflation and pricing measures; our strategic priorities and expansion strategy; our long-term performance, adding long-term earnings and earnings expansion; plans to reshape our portfolio and expand our leadership positions in chocolate and cookies, as well as baked snacks; plans to sell our evolved gum business to the marketplace and Halls’ global candy business; our transactions and strategic initiatives; our leadership position in snacks; political, business and economic situations and volatility; volatility in global intake, raw materials, source, transportation, hard work, and currency; the cargo environment, adding top hard labor, visitor service, commodity, operation, transportation and other charges; the volatility of the electric power and herbal fuel markets in Europe; customer behaviour, consumption and demand trends and our business in evolved and emerging markets, our channels, brands and categories; our tax rate, tax positions, tax procedures, tax liabilities, valuation allowances and the effect on us of future US and global tax reform; UK advertising and promotion bans and restrictions; the charges, the timing of the expenses and the final touch of our restructuring program; commodity value, source and availability; our investments and our interests in those investments, including JDE Peet’s and Keurig Dr Pepper (“KDP”); innovation; exchange rates, controls and restrictions, foreign currency volatility and the effect of currency translation on our effects from operations; the application of highly inflationary accounting for our subsidiaries in Argentina and Turkey and the prospective effects and effects of currency devaluation in other countries; the ultimate results and effects on us of legal proceedings and government investigations; the estimated charge of goodwill and intangible assets; amortization expense of intangible assets; impairment of goodwill and intangible assets and our projections of operating effects and other items that could possibly affect our impairment tests; our accounting estimates and judgments and the effect of new accounting pronouncements; pension expenses, contributions and assumptions; our ability to save you and respond to cybersecurity breaches and disruptions; our liquidity, investment resources and investment uses, adding debt issuances and our use of advertising paper and foreign lines of credit; our capital structure, credit availability and our ability to raise capital, and the impact of market disruptions on us, our counterparties and our business partners; the planned elimination of the London Interbank Offered Rates and the transition to other benchmark interest rates; our threat control program, adding the use of monetary tools and the effect and effectiveness of our hedging activities; current capital; capital expenditures and financing; financing of debt maturities, acquisitions and other obligations; percentage buybacks; dividends; long-term charge for our shareholders; guarantee; the characterization of the 2022 distributions as dividends; compliance with our agreements; and our contractual and other obligations.
These forward-looking risks and uncertainties involve dangers and uncertainties, many of which are beyond our control, and many of those dangers and uncertainties are currently magnified and may continue to be magnified through the COVID-19 pandemic, adding the spread of new variants of COVID-19. Important items that may also cause our actual effects to differ slightly from those described in our forward-looking statements include, but are not limited to, the impact of existing and long-standing ongoing or new developments in the war in Ukraine. enforce sanctions imposed through governments and other authorizations and the like have an effect on our business, growth, people, reputation, prospects, financial condition, effects of operations (adding parts of our economic effects), money flows and our liquidity; global or regional fitness pandemics or epidemics, adding COVID-19; dangers relevant to operating globally, adding in emerging markets, adding political, economic and regulatory dangers; adjustments in substitution rates, controls and restrictions; volatility of crude curtains and other input charges and availability of crude curtains; weak economic conditions; weak customer spending; inflation (and similar economic policy moves made by governments in reaction to inflation); price movements; tax matters, adding adjustments in legislation and tax rates, disagreements with the fiscal government and the imposition of new taxes; use of third party data generation and service providers; unforeseen interruptions to our business, such as malware incidents, cyberattacks or other security breaches, and our compliance with privacy and knowledge security legislation; festival and our reaction to channel and value changes and other competitive pressures; sell and protect our reputation and logo image; adjustments in the personal tastes and demands of customers and our ability to innovate and differentiate our products; the restructuring program and our other transformation projects that do not generate the expected benefits; adjustments in the assumptions on which the restructuring program is based; monitoring of our workforce and adjustments to workforce availability; consolidation of retail and festival clients with store logos and other charges; adjustments in our relationships with customers, suppliers or distributors; compliance with legal, regulatory, fiscal and social legislation and adjustments, claims or similar movements; the impact of climate change on our supply chain and operations; our ability to identify, complete, manage and realize the full scope of benefits, cargo savings or synergies presented through strategic trans-moves, adding to our recently completed acquisitions of Chipita, Gourmet Food, Grenade, Clif Bar and Ricolino; curtain adjustments at valuation points that may also have adverse effects on our goodwill and intangible assets impairment test; perceived or actual product quality problems or product recalls; lack of effective internal control over financial reporting or disclosure controls and procedures; volatility and access to capital or other markets, the effectiveness of our money control systems and our liquidity; pension charges; the planned discontinuation of London Interbank Offered Rates and the transition to any other benchmark interest rate; our ability to protect our intellectual assets and intangible assets; and the dangers and uncertainties, as they may be changed from time to time, set forth in our filings with the United States Securities and Exchange Commission, adding our most recently filed annual report on Form 10-K and upcoming quarterly reports on Form 10-Q. There may be other points that we don’t know about or believe are not draped that may also cause our actual effects to differ greatly from those projected in any prospectives we do. We disclaim and assume no legal responsibility to update or revise any forecast contained in this press release, except as required by applicable law or regulation.
Mondelez International, Inc. et its subsidiaries Reconciliation of GAAP and non-GAAP currency measures (unaudited)
The Company reports its monetary effects in accordance with accounting principles accepted from time to time in the U. S. USA (“U. S. GAAP”). However, the control believes that the presentation of certain non-GAAP monetary measures also provides more data to facilitate comparison of the past effects of the Company’s operations and trends in their underlying operating effects, and provides greater transparency about how the Company compares its business. uses those non-GAAP monetary measures to make monetary, operational, and plan decisions and to compare trading functionality. The Company also believes that the presentation of those metrics allows investors to visualize their functionality, the same metrics the Company uses to evaluate its business functionality and trends.
The Company considers quantitative and qualitative points when assessing whether it should be adjusted to have an effect on pieces that could be curtains or simply to understand its functionality and ongoing monetary and trading trends. Adjustments are sometimes classified into the following categories: acquisition and disposal activities, gains and losses on sales of intangible assets and non-cash impairments, primary program restructuring activities, consistent exchange rates and similar exchanges, financing and hedging activities for primary systems and other primary items that compare operating results. Please see below for a description of changes in the Company’s US GAAP monetary measures included herein.
Non-GAAP data is considered supplemental in nature and is not considered in isolation or as a replacement for similar monetary data prepared in accordance with U. S. GAAP. U. S. In addition, the Company’s non-GAAP monetary measures may not be comparable to similar non-GAAP measures filed through other companies.
DEFINITIONS OF THE COMPANY’S NON-GAAP FINANCIAL MEASURES The Company’s non-GAAP monetary measures and related metrics reflect how the Company currently evaluates the effects of its operations and improves the comparison of operating effects. As new occasions or cases arise, those definitions are likely to change. those definitions change, the Company provides updated definitions, and presents similar old non-GAAP effects on a comparable basis. pieces of their non-GAAP definitions. In the first quarter of 2022, the Company added to the non-GAAP definitions the exclusion of additional prices due to the war in Ukraine, in the current quarter of 2022, the Company added to the non-GAAP definitions. GAAP defines the exclusion of relevant incurred prices with our publicly announced processes for selling business, and in the third quarter of 2022, the Company added to non-GAAP definitions the exclusion of relevant stock increase fees with acquisitions.
Please refer to the attached tables for more monetary information and corresponding reconciliations of the non-GAAP monetary measures listed above with the maximum comparable monetary measures of U. S. GAAP. Operational effects in to obtain more information about the parts referred to in those definitions that have had an express effect on the effects of the company.
SEGMENT OPERATING INCOME The company uses the segment’s operating income source to compare segment functionality and allocate resources. The Company believes it is appropriate to disclose this metric for investors to analyze the functionality and trends of the segment. The segment’s operating income source excludes unrealized gains and losses on hedging activities (which are a component of the sales charge), primary workplace overhead (which are a component of selling, general and administrative expenses), amortization of intangible assets, gains and losses on divestitures and acquisitions. Related expenses (which are a component of selling, general and administrative expenses) for all periods provided. The Company excludes those pieces from the segment’s operating revenue stream to ensure greater transparency of its segment’s operating results. From the worker they get advantage plan as well as interest and other expenses, net. As a result, the Company does not provide those parts across the segment as they are excluded from the segment’s profitability management measure.
ELEMENTS AFFECTING THE COMPARABILITY OF OPERATIONAL RESULTS The following data are provided to provide qualitative and quantitative data on topics affecting the comparison of operational effects. The corporate identifies them based on how the control perceives the activities of the corporate; makes monetary, operational and plan-making decisions; and evaluates the company’s ongoing performance. In addition, the Company discloses the effect of exchange rate fluctuations on the Company’s monetary effects to reflect the effects in a uniform currency.
Disposals, disposal prices and gains/(losses) on disposals (discussed in the segment Gains and losses on investment transactions employing the equity method). Because the company records its percentage of KDP and JDE Peet’s continuing earnings with a one-quarter delay, any amortization of ownership of KDP or JDE Peet is reflected as divestitures in the following quarter’s non-GAAP corporate effects. Publicly announced processes to sell operations.
Procurement, acquisition-like costs, and acquisition integration costs and contingent attention shifts of equity. Acquisition integration costs and contingent care changes come with one-time costs similar to procurement integration, just as any change in the fair market cost of assistance liabilities that were in the past recognized supplements of similar value to acquisition that are not related to workers’ reimbursement expenses. The Company excludes those parts to facilitate comparisons of our underlying operating functionality over multiple time periods.
On November 1, 2022, the company acquired Grupo Bimbo’s candy business, Ricolino, located primarily in Mexico. The Company incurred prices related to the acquisition of $1 million for the nine months ended September 30, 2022. The Company also incurred acquisition integration prices of $7 million in the 3 and 9 months ended September 30, 2022.
On August 1, 2022, the corporation acquired one hundred percent of the capital of Clif Bar
On January 3, 2022, the corporation acquired Chipita Global S. A. (“Chipita”), leader in croissants and baked snacks in the Central and Eastern European markets. The acquisition of Chipita provides a strategic addition to the company’s existing portfolio and advances its strategy to become the world’s broadest snack food leader. The acquisition added an additional net income of $158 million in the 3 months and $490 million in the nine months ended September 30, 2022, and an operating source of earnings of $25 million in the 3 months and $39 million in the nine months. ended September 30, 2022. The Company incurred acquisition-related fees of $21 million in the nine months ended September 30, 2022 and $6 million in the nine months ended September 30, 2021. The company also incurred acquisition integration fees of $14 million in the 3 months and $85 million in the nine months ended September 30, 2022 and $6 million in the 3 and nine months ended September 30, 2021.
On April 1, 2021, the company acquired Gourmet Food Holdings Pty Ltd, a leading Australian food company in the premium biscuit and biscuit category. The acquisition added additional net income of $14 million and an operating revenue source of $1 million in the nine months ended. September 30, 2022. La Company incurred acquisition integration prices of $1 million for the 3 and nine months ended September 30, 2022. The Company also incurred acquisition-related pricing of $7 million for the nine months ended September 30, 2021.
On 25 March 2021, the company acquired a majority stake in Lion/Gemstone Topco Ltd (“Grenada”), a leader in functional nutrition in the United Kingdom. The acquisition of Granada strengthens the company’s position in the premium nutrition segment. The acquisition added additional net income of $21 million and an operating revenue source of $2 million in the nine months ended September 30, 2022. The Company incurred acquisition-related pricing of $2 million in the nine months ended September 30, 2021.
On January 4, 2021, the Company acquired the remaining 93% stake in Hu Master Holdings, a leader in the premium chocolate category in the United States, which provides a strategic complement to the Company’s snacks portfolio across the Americas. del Norte through expansion opportunities in chocolate and other offerings in the wellness segment. The initial service payment paid was $229 million, net of monies received, and the company may be required to pay additional contingent service. The estimated fair price of the contingent care legal liability at the acquisition date was $132 million and was decided using a Monte Carlo simulation based on expected long-term earnings. During the 3rd quarter of 2021, the corporate recorded a liability relief of $70 million due to adjustments in the expected speed of expansion. During the third quarter of 2022, the company recorded an additional relief of $7 million in liabilities due to additional adjustments in expected long-term results. Following the acquisition of the remaining interest, the company consolidated the transaction and recorded a pretax gain of $9 million ($7 million after tax) similar to the higher investment of $8 million (7%) in the passed through the company at a fair price. The Company incurred similar acquisition prices of $9 million for the 3 and 9 months ended September 30, 2021.
On April 1, 2020, the company acquired a majority stake in Give
The main objective of the Simplifying to Grow program is the design of the company’s operating charges in its chain of origin and overhead. The program covers severance benefits as well as asset disposals and other one-time prices similar to production and acquisition.
The Company recorded a gain of $10 million due to the sale of assets included in the restructuring program, as well as restructuring fees of $3 million in the 3 months and restructuring fees of $8 million in the nine months ended September 30, 2022. The Company recorded restructuring fees of $62 million in the 3 months and $250 million in the nine months ended September 30, 2021. This activity was recorded under disposal and impairment expenses of assets and income from the non-service benefit plan. These expenses are similar to severance payments and similar costs, impairments of non-cash assets (adding accelerated depreciation and impairment of assets) and other adjustments, adding any gains on the sale of assets from the restructuring program.
Implementation costs are primarily similar to reorganizing the company’s operations and services as part of its supply chain reinvention program and other well-known productivity and relief initiatives. prices. Fees come with additional expenses such as closing services, contract termination fees, and simplifying company information systems. The company recorded implementation prices of $23 million in the 3 months and $62 million in the nine months ended September 30, 2022 and $65 million in the 3 months and 132 million in the nine months ended September 30, 2021.
During the Company’s 2022 year of indefinite intangible assets, the Company recorded a logo-related intangible impairment rate of $23 million in the third quarter of 2022. The impairment loss is due to lower-than-expected expansion and profitability of a local biscuit logo in the SEA region.
During the first quarter of 2022, the Company recorded an intangible impairment rate of $78 million in AMEA due to weaker-than-expected expansion and profitability of a local biscuit logo sold in certain AMEA and European markets.
During the current quarter of 2021, the Company recorded an intangible impairment rate of $32 million in North America similar to a small biscuit brand, due to weaker-than-expected sales growth.
Market cost has an effect on commodity and foreign exchange derivative contracts The company excludes unrealized gains and losses (market costs have an effect) on notable commodity derivative contracts and investment transactions planned. currencies and under the equity approach of its non-GAAP earnings measures. Mark-to-market has an effect on derivatives on anticipated commodities and foreign exchange transactions are excluded until similar exposures have an effect on the effects of the company’s operations. Since the Company purchases commodities and foreign exchange trading contracts intended to mitigate the volatility of value primarily for long-term equity needs, the Company makes this adjustment to eliminate the volatility of those long-term equity purchases in the existing operational effects to facilitate comparisons of their underlying operational functionality. from era to era. Array The Company excludes fair accounting investment derivative contract settlements as they constitute a cost hedge for long-term disposals. The company recorded net unrealized losses on commodities, forecast currencies and derivatives from equity-based transactions of $120 million in the 3 months and $220 million in the nine months ended September 30, 2022, and had net unrealized gains of $134 million in the 3 months and $268 million. million in the nine months ended September 30, 2021.
Revaluation of net financial position In the first quarter of 2022, basically on the basis of knowledge published through the Türkiye Institute of Statistics indicating that Türkiye’s three-year cumulative inflation rate exceeded 100%, the company concluded that Türkiye had become a highly inflationary country. Economics for accounting purposes. From April 1, 2022, the company began to apply highly inflationary accounting for its subsidiaries operating in Turkey and replaced its functional currency from the Turkish lira to the US dollar. In selling, general and administrative expenses, we recorded a revaluation gain of $1 million in the quarter and nine-month era ending September 30, 2022 similar to the revaluation of the net monetary position denominated in Turkish lira in the eras.
During the current quarter of 2018, based primarily on published estimates that Argentina’s 3-year cumulative inflation rate exceeded 100%, the company concluded that Argentina had a highly inflationary economy for accounting purposes. Since July 1, 2018, the company has started applying inflationary accounting for its Argentine subsidiaries and has replaced its functional currency from the Argentine peso to the U. S. dollar. In selling, general and administrative expenses, the Company recorded revaluation losses of $12 million in the 3 months and $27 million in the nine months ended September 30, 2022 and $2 million in the 3 months and $10 million in the nine months ended September 30, 2022. 2021 similar to the revaluation of the net financial position denominated in Argentine pesos during those periods.
The effect of pension plan participation adjustments represents expenses incurred when teams of workers withdraw from multiemployer pension plans and other adjustments to employee participation in the organization’s retirement plans. non-GAAP fees because those amounts do not reflect the Company’s significant pension obligations.
In the last quarter of 2021, the company made the resolution to freeze its explained benefit pension plan in the UK. As a result, the Company recorded compression credits of $3 million in the quarter and $17 million in the nine months ended Sept. 30. 2021, recorded in non-service income of the worker benefit plan. In addition, the Company incurred incentive payment fees and other expenses similar to this resolution of $2 million in the 3 months and $47 million in the nine months ended September 30, 2021 included in the operating result.
On July 11, 2019, the Company earned a non-discounted withdrawal liability assessment similar to the Company’s total withdrawal from the International Industry Pension Fund and the Bakery and Confectionery Union totaling $526 million and requiring 20-year prorated monthly invoices. The company began making monthly invoices in the third quarter of 2019. As a component of discounted long-term liabilities, the Company recorded accrued interest of $3 million for the 3 months and $8 million for the nine months ended September 30, 2022 and $2 million for the 3 months and $8 million for the nine months ended September 30, 2021 in interest and other expenses, net. As of September 30, 2022, the remaining discounted retirement liability is $348 million, of which $15 million is recorded in other existing liabilities and $333 million recorded in other long-term liabilities.
Additional prices due to the war in Ukraine In February 2022, Russia introduced a military invasion of Ukraine and the company closed its operations and services in Ukraine. In March 2022, the company’s two production plants in Ukraine in Trostyanets and Vyshhorod suffered particular damage. First quarter of 2022, the Company valued and impaired these and other assets. The Company recorded $143 million in general expenses ($145 million after taxes) incurred as a direct result of the war, adding $75 million in asset impairment and exit prices, $44 million in sales charge, and $24 million in selling, general and administrative expenses. The Company canceled approximately $7 million in the 3 months and $22 million in the nine months ended September 30, 2022 of charges recorded in the past, primarily due to a larger-than-expected recovery of industry receivables and stock recoveries.
Loss from extinguishment of debt and similar expenses On March 18, 2022, the Company finalized a tender offer and repurchased long-term notes denominated in U. S. dollars totaling $987 million. The Company recorded a loss of $129 million due to debt extinguishment and similar expenses on interest and other expenses, net, consisting of $38 million paid in excess of the amount of debt usage and the popularity of unamortized discounts and financing prices carried over to earnings and $91 million in unamortized expenses. Extinction of debt.
On March 31, 2021, the Company prepaid bonds denominated in euros ($1. 2 billion) and U. S. dollars ($992 million). The Company recorded a loss of $137 million due to debt extinguishment and similar expenses on interest and other expenses, net, adding $110 million paid in excess of the amount of debt usage and the popularity of unamortized discounts and financing prices carried over to earnings and $27 million in foreign currency. A derivative loss similar to the payment of repayment at the time of extinguishment of the debt.
Initial Impacts of Changes to Enacted Tax Laws The Company excludes the initial effects of adjustments to enacted tax laws of its non-GAAP monetary measures as they reflect its ongoing tax obligations under the amendments to the enacted tax laws. The initial effects come with parts like the revaluation of deferred tax balances and the transition tax reform of U. S. tax reform. UU. de 2017. Previously, the company only excluded the initial effects of larger tax reforms, in particular, the effects of the 2019 Swiss tax reform and the US tax reform. UU. de 2017. To facilitate comparisons of its underlying operating results, the Company has consolidated all old non-GAAP earnings measures to exclude the initial effects of followed tax law adjustments.
The Company recorded a net source of income tax expenses of $13 million in the 3 months and $22 million in the nine months ended September 30, 2022 due to the accumulation of its deferred tax liabilities as a result of the enacted tax law. obtain tax advantages of $4 million from a reduction in its deferred tax liabilities resulting from the tax law enacted in the quarter and a net tax expense resulting from the accrual of its tax deferred tax liabilities resulting from enacted tax law (primarily in the United Kingdom) of $95 million in the nine months ended September 30, 2021.
Gains and losses on fair investment transactions JDE Peet Transaction On May 8, 2022, the Company sold approximately 18. 6 million of our JDE Peet shares to JDE Peet, reducing our ownership from approximately 3% to 19. 8%. The company earned 500 million euros ($529 million) in profit and posted a loss of 8 million euros ($8 million) on that sale in the current quarter of 2022.
Transactions with Keurig Dr Pepper On August 2, 2021, the Company sold approximately 14. 7 million shares of KDP, reducing its ownership from 1% to 5. 3% of overall notable shares. The Company earned $500 million in profit and posted a pretax profit of $248 million (or $189 million after tax) in the third quarter of 2021.
On June 7, 2021, the Company participated in a momentary delivery of KDP shares and sold approximately 28 million shares, reducing its ownership from 2% to 6. 4% of notable shares overall. The Company earned $997 million in profit and posted a pre-tax profit of $520 million (or $392 million after tax) in the current quarter of 2021.
The Company considers such ownership discounts as partial divestitures of its fair investment in KDP. As a result, the Company eliminated the fair net income source similar to the disposed portion of its non-GAAP monetary effects for adjusted EPS for all prior periods presented to facilitate comparison of effects. The company EE. UU. de s GAAP effects, which come with its net investment source from KDP’s revenue equity method, were unchanged from previous reports.
In adjusted UPAs, the company’s net source of investment income, the equity approach excludes its proportionate percentage of significant operating and non-operating portions of its affiliates, such as acquisition and disposal prices, restructuring program prices, and initial tax impacts. The law is changing.
Management evaluates the operational functionality of the company and its foreign subsidiaries on a consistent currency basis. The Company calculates the effects of operations in consistent currency by dividing or multiplying, as appropriate, the effects of local currency operations of the existing era through exchange rates. used to translate the Company’s monetary statements into the comparable era of the previous year to determine what the existing era in the United States represents. The operating effects in dollars would have been if the exchange rate had not been replaced since it was last year.
OUTLOOK The company’s outlook for biological net income expansion to 2022, EPS expansion adjusted to constant currency and free cash flow are non-GAAP monetary measures that exclude or otherwise adjust portions that affect comparison of monetary results, such as the impact of adjustments in exchange rates. Array restructuring activities, acquisitions and divestments. The Company cannot reconcile its projected biological net income expansion with its projected full year 2022 reported net expansion, as the Company cannot wait during this era. the effect of potential acquisitions or divestitures, as well as the effect of currency translation due to the unforeseen unpredictability of long-term fluctuations in exchange rates, which can be significant as a significant part of the company’s activities take position outdoors in the United States. The company is unable to reconcile its projected adjusted EPS expansion to a consistent currency reported diluted EPS expansion for the full year 2022 as the company cannot expect during this era the timing of its restructuring program costs, mark-to-value market have an effect of derivative contracts on foreign exchange and commodity transactions and have an effect of possible acquisitions or divestments, as well as have an effect on conversion currencies due to the unpredictability of long-term adjustments in exchange rates foreign exchange, which may be significant as a significant portion of the Company’s business is located outside of the United States. The company cannot reconcile its projected free cash flow and its projected net money from operating activities for the full year 2022, as the company cannot expect during this period the timing and amount of capital expenditures that affect cash flow. money. Therefore, due to the uncertainty and variability in the nature and amount of long-term adjustments, which may be material, the Company is unable to provide a reconciliation of those measures without unreasonable effort.