Mondelez's profit beats Wall Street expectations; stock buybacks hiked to $6 billion

NEW YORK, N.Y. - Oreo cookie maker Mondelez International Inc.'s profit came in higher than expected and it significantly raised its stock buyback authorization to $6 billion.

The company, which makes Cadbury chocolates, Trident gum and Ritz crackers, also is increasing its dividend by 8 per cent.

Its stock rose 2 per cent to $31.99.

For the quarter, the company said Wednesday that it earned $616 million, or 34 cents per share. That compares with $1.03 billion, or 58 cents per share, a year ago when it was still combined with Kraft Foods Group Inc.

Not including one-time items, it earned 37 cents per share, which is 3 cents more than Wall Street expected.

Revenue edged up to $8.6 billion, shy of the $8.63 billion analysts expected.