Deerfield / IL. (mdlz) Mondelez International provided an update to its prior disclosure on the June 27th global cyber-attack that impacted our business.
We are pleased that we are making good progress in restoring our systems across the enterprise. Since the time of the incident, our teams have done remarkable work to continue to operate the business, manufacture our products, serve customer needs and progress the recovery activities. We believe the issue has been contained and a critical majority of the affected systems are up and running again.
Given the timing of this significant global attack, despite our best efforts, we experienced disruption in our ability to ship and invoice during the last four days of our second quarter. There are a few markets where we have permanently lost some of that revenue due to holiday feature timing, but we expect we will be able to recognize the majority of these delayed shipments in our third quarter results.
Our preliminary estimate of the revenue impact of this event is a negative 300 basis points on our second quarter growth rate.
We are still assessing the full financial impact of this event, in addition to performing our normal quarter-end financial close process. Based on our current assessment of the situation, our recovery progress, and the underlying trends in our business, we are reaffirming our full-year organic revenue growth outlook of «at least 1 percent growth». We expect to incur incremental one-time costs in both our second and third quarters as a result of this issue, but our underlying margin progress continues to be in line with our outlook of mid-16 percent for the full-year.
A further update on these matters, our second quarter results and our full-year outlook will be provided in our second quarter investor earnings call and webcast in August.
