Oreo cookies are displayed in front of the Mondelez International logo in this illustration photo taken July 26, 2021. REUTERS/Dado Ruvic/Illustration

Jan 27 (Reuters) – Mondelez International Inc (MDLZ.O) beat Wall Street estimates for quarterly revenue on Thursday as the Oreo cookie maker benefited from higher prices and strong demand for its chocolates and cookies on emerging markets.

Packaged food makers have been hit by skyrocketing shipping and labor costs due to a tight supply chain, while rising demand for wheat, sugar and other commodities has pushed up raw material costs, forcing companies to raise product prices.

Mondelez, like peers Conagra Brands (CAG.N) and Kraft Heinz (KHC.O), resorted to price hikes. Higher prices, coupled with strong consumer demand, helped boost Mondelez’s revenue.

Consumers in China, India, Latin America and other emerging markets also drove demand for Mondelez’s snacks, pushing the company’s emerging markets segment net revenue up 8.8% to 2 .69 billion dollars.

Net revenue reached $7.66 billion in the fourth quarter ended Dec. 31, from about $7.3 billion a year earlier, beating analysts’ average estimate of $7.59 billion, according to Refinitiv IBES data.

Net income attributable to the company fell to $1.0 billion, or 71 cents per share, from $1.16 billion, or 80 cents per share, a year earlier.

Reporting by Deborah Sophia in Bengaluru; Editing by Vinay Dwivedi

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