Trending: PepsiCo Revenue Surprises to the Upside but Recession Looms
July 12 2022 - 11:48PM
Dow Jones News
0318 GMT - PepsiCo Inc. is the most mentioned company over the
past 12 hours, according to Factiva data, after the beverage and
snack maker reported strong revenue amid continued consumer demand
for its snacks despite higher prices. The company raised prices by
10% in the first quarter of this year and 7% in the fourth quarter
of last year to offset rising costs. Revenue rose 5.2% to $20.23
billion in the second quarter, beating the consensus view of $19.51
billion. Chief Executive Ramon Laguarta said a recession is likely
coming, and the company is preparing for different scenarios, with
potential plans including a reduction in capital spending, an
increase in automation and a shift in investments from growth to
productivity. Shares traded higher intraday on Tuesday but slipped
in afternoon trading to close 0.6% lower. Dow Jones & Co. owns
Factiva. (jacques.vanwersch@dowjones.com)
(END) Dow Jones Newswires
July 12, 2022 23:33 ET (03:33 GMT)
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