Why did MDLZ's Q4 2024 earnings decline slightly?

Mondelez's Q4 2024 earnings declined slightly due to **Cocoa Cost Inflation**. The company faced unprecedented cocoa cost inflation, which significantly impacted its operating results. Cocoa prices rose by more than 200% throughout 2024, reaching an all-time high of $12,987 per metric ton in December 2024. This dramatic increase in cocoa prices led to a sharp rise in input costs for Mondelez, which, in turn, affected its profitability. Despite positive volume/mix growth and effective pricing strategies, the impact of cocoa cost inflation was too significant to be fully offset by these factors. As a result, Mondelez's Q4 2024 earnings per share decreased by 15.9% on a constant-currency basis, missing the Zacks Consensus Estimate.