Mondelez International (MDLZ 43.07, +0.01) has released a statement that discusses the impact of a global cyber-attack, which took place on June 27, on the company's second quarter results.
On June 27, ransomware known as Petya spread across government, central bank, airport, and metro networks in Ukraine. The ransomware locked affected systems and demanded payment in exchange for restoring access to users. After crippling key infrastructure in Ukraine, the ransomware spread across Europe, affecting large companies like British advertiser WPP and Dutch shipper Maersk, among many others. The Petya cyberattack followed another high-profile ransomware attack—WannaCry—that took place in mid-May.
In today's press release, Mondelez noted that good progress has been made in restoring systems across the enterprise, but that some work remains to be done. The timing of the attack caused a disruption in the company's ability to ship orders and invoice customers during the final four days of the company's second fiscal quarter. As a result, the company expects that its revenue growth rate in the second quarter will be reduced by 300 basis points.
The company expects to recognize the majority of the lost shipment revenue during the third quarter, but a permanent loss of revenue did take place in some markets. That said, Mondelez reaffirmed its outlook for full-year organic revenue growth of at least 1.0%.