PepsiCo Earnings and Revenue Top Views
July 11 2017 - 7:24AM
Dow Jones News
By Imani Moise
PepsiCo Inc. said its second-quarter sales and earnings rose as
the beverage and snack maker continued to offset weak demand in
North America with higher prices.
The company also lifted its adjusted earnings-per-share outlook
for the year to $5.13 from $5.09 after selling its minority stake
in Britvic PLC, the company that produces and sells Pepsi in the
U.K.
The Purchase, N.Y., maker of Frito Lay snacks, Gatorade and its
namesake cola has been hurt has consumers spend more time at the
perimeter of the store browsing through produce and fresh meats and
less time in the center aisles where the company's signature snacks
and drinks are found. PepsiCo has been emphasizing its "guilt free"
products like diet sodas and low-sodium snacks that fit current
consumer trends but has still struggled to lure more shoppers to
the center of the store.
PepsiCo's beverage volumes declined 2% in the latest quarter
while Frito Lay and Quaker Foods volumes were flat. However,
companywide, organic revenue rose 3.1 % from the year-ago
quarter.
In all for the quarter ended in June, PepsiCo posted earnings of
$2.11 billion, compared with $2.01 billion a year ago. Adjusted
earnings-per-share of $1.50 handily topped the consensus estimate
of $1.40. Revenue also beat views, jumping 2% to $15.71 billion
compared with estimates of $15.6 billion.
Shares, which have climbed more than 9% so far this year, edged
up 0.5% to $114.79 during premarket trading Tuesday.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
July 11, 2017 07:09 ET (11:09 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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