PepsiCo Disclosed Better-Than-Expected Earnings and Revenue
Apr 26, 2022 By MarketDepth
PepsiCo (NASDAQ: PEP) disclosed better-than-expected earnings and revenue on Tuesday as consumers spent more on items such as Doritos, Quaker oatmeal and Gatorade. Amid the positive news, the company opted to raise its full-year forecast for organic revenue growth. Nevertheless, shares were stagnant during premarket trading.
Higher Earnings Reported
The multinational food, snack and beverage corporation reported earnings of USD1.29 per share, compared to the expected USD1.23 a share. Revenue amounted to USD16.2 Billion, higher than analysts anticipated USD15.56 Billion. Furthermore, the quarters net income totaled USD4.26 Billion or USD3.06 per share.
“For the first quarter, we delivered strong results which reflect our presence in growing, global categories and the investments we have made towards becoming an even Faster, even Stronger, and even Better company with PepsiCo Positive (pep+) at the center of everything we do. Given the strength and resilience of our businesses to date, while reflecting higher than expected input cost inflation for the balance of 2022, we now expect our full-year organic revenue to increase 8 % (previously 6%) and we continue to expect core constant currency earnings per share to increase 8 %. 1 Looking ahead, we will focus on controlling what we can, such as enhancing our focus on productivity and sharpening our revenue management capabilities, while also continuing to make the necessary long-term investments to fortify our businesses and win in the marketplace.”Chairman and CEO Ramon Laguarta
Pepsi along with other Western companies suspended suspended most of its Russian business but failed to completely halt sales like rival Coca-Cola. The company generates approximately 4% of its annual revenue in Russia and revealed it would continue to sell some essential products like baby formula, milk and baby food within the country.