MONDELEZ INTERNATIONAL INC. $37 (Nasdaq symbol MDLZ; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 1.7 billion; Market cap: $62.9 billion; Price-to-sales ratio: 1.9; Dividend yield: 1.5%; TSINetwork Rating: Above Average; www.mondelezinternational.com) took its current form on October 1, 2012, when the old Kraft Foods Inc. broke itself into two publicly traded companies: Mondelez International and Kraft Foods Group.

Mondelez makes cookies and biscuits (Oreo, Chips Ahoy, Ritz), chocolate bars (Cadbury, Toblerone) and gum and candy (Trident, Chiclets and Halls cough drops). It also makes coffee and other beverages, as well as grocery and cheese products for overseas markets.

The company has agreed to merge its packaged coffee business with European coffee maker D.E. Master Blenders. Under this deal, Mondelez will contribute its coffee brands, including Jacobs, Gevalia and Tassimo, to a new firm called Jacobs Douwe Egberts. In return, it will get $5 billion in cash and 49% of the new company when the deal closes later this year.

Meanwhile, Mondelez has announced a new costcutting plan for its remaining snack food businesses. The restructuring, which includes job cuts and plant closures, aims to cut $1.5 billion from its annual expenses by 2018.

Without unusual items, Mondelez earned $669 million in the first quarter of 2014, up 5.2% from $636 million a year earlier. Per-share earnings rose 11.4%, to $0.39 from $0.35, on fewer shares outstanding. Sales fell 1.2%, to $8.6 billion from $8.7 billion. If you exclude the impact of currency exchange rates and businesses Mondelez sold, sales gained 2.8%.

The stock is up 33% since the breakup. It now trades at a somewhat high 21.5 times the $1.72 a share that Mondelez will likely earn in 2014. The $0.56 dividend yields 1.5%.

Mondelez is a hold.