Market Updates
PepsiCo Lifted Core Earnings Outlook, Sales Rise 5%
Scott Peters
12 Jul, 2022
New York City
PepsiCo gained a fraction to $171.45 after the beverages and food products maker reported better than expected revenues and earnings.
Revenues in the quarter ending on June 11 rose 5.2% to $22.5 billion and net income declined 41.6% to $1.4 billion from $2.4 billion a year ago.
Diluted earnings per share declined 39% to $1.03 from $1.73 a year ago.
Foreign currency translation impacted revenues negatively 3% and earnings per share 2%.
Guidance and Outlook
The company guided full-year organic revenue to increase 10% from the previous estimate of 8% and core constant currency earnings per share to advance 8%.
Beverage sales in North America declined 1%, Frito-Lay North America sales rose 14%, and Quaker Foods North America surged 17%.
The company reiterated its commitment of returning $7.7 billion to shareholders including $1.5 in share repurchases and $6.2 billion in dividends.
PepsiCo estimates 2-percentage-point foreign exchange translation headwind to impact reported net revenue and core earnings per share growth based on current market consensus rates.
The food products maker guided core earnings per share of $6.63, a 6% increase compared to $6.26 a year ago.
Annual Returns
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Earnings
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