PepsiCo earnings top estimates, but quarterly revenue slides


Pepsi bottles are seen on the grocery retailer in Las Vegas, United States on November 17, 2023.

Jakub Porzycki | Nurphoto | Getty Images

PepsiCo on Friday reported blended quarterly outcomes as North American demand for its meals and drinks weakened.

Shares of the corporate fell greater than 2% in premarket buying and selling.

Here’s what the corporate reported in contrast with what Wall Street was anticipating, based mostly on a survey of analysts by Refinitiv:

  • Earnings per share: $1.78 adjusted vs. $1.72 anticipated
  • Revenue: $27.85 billion vs. $28.4 billion anticipated

Pepsi reported fourth-quarter web earnings of $1.3 billion, or 94 cents per share, up from $518 million, or 37 cents per share, a 12 months earlier.

Excluding objects, the meals and beverage big earned $1.78 per share.

Net gross sales dropped 0.5% to $27.85 billion.

The firm’s natural revenue, which excludes acquisitions and divestitures, rose 4.5% within the quarter, helped by increased costs. But Pepsi’s quantity, which strips out pricing and foreign money modifications, slid once more this quarter.

Pepsi’s North American Quaker Foods division reported an 8% decline in quantity. A voluntary recall of its granola bars and cereals harm its gross sales throughout the quarter.

Frito-Lay North America, which incorporates manufacturers like Cheetos and Doritos, posted a 2% drop in quantity.

Pepsi’s North American beverage unit noticed its quantity fall 6% within the quarter.

For 2024, Pepsi now anticipates natural revenue development of not less than 4% and core fixed foreign money earnings per share development of not less than 8%. The firm beforehand forecast natural revenue development on the excessive finish of 4% to six% and core fixed foreign money earnings per share development within the excessive single digits.



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