business
PepsiCo Reports Revenue Beat and Net-Income Jump but EPS Miss in Second Quarter
PepsiCo reported second-quarter revenue of $24.18 billion, above Wall Street estimates, while adjusted earnings per share came in at $2.20, slightly below forecasts. The company reiterated its full-year guidance amid weaker North American volumes.
Jul 9, 9:44 AM·1m read1 source
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PepsiCo reported mixed second-quarter results for the period ended June 13, with revenue exceeding analyst estimates while adjusted earnings per share fell short. The company posted adjusted earnings per share of $2.20 against the $2.21 expected by Wall Street, according to an LSEG survey. Revenue reached $24.18 billion, topping the $23.95 billion forecast.
Net income attributable to the company rose to $2.98 billion, or $2.18 per share, from $1.26 billion, or 92 cents per share, a year earlier. Net sales increased 6.4 percent to $24.18 billion. Organic revenue grew 2.4 percent.
Global food volume rose 3 percent and beverage volume increased 2 percent. North American food volume remained flat while beverage volume fell 4 percent. CEO Ramon Laguarta said results were tempered as U.S.
Food and beverage category performance moderated with consumer budgets tightening due to rising inflationary pressures. He added that the consumer is worse than anticipated, driven mainly by gas prices. CFO Steve Schmitt said the North America business was softer than anticipated in the second quarter and now expects a more gradual improvement in performance trends for the balance of the year.
PepsiCo reiterated its full-year forecast for organic revenue growth between 2 percent and 4 percent and core constant currency earnings per share growth in a range of 4 percent to 6 percent.
