logo
Plus   Neg
Share
Email

PepsiCo Q1 Profit Beats Estimates; Affirms Outlook

pepsico april15 lt

PepsiCo, Inc. (PEP) reported that its first quarter core operating profit improved 7 percent and core constant currency earnings per share rose 14 percent year-on-year, which reflects the benefits of the company's ongoing efforts to tightly control costs
through cost management program and a mark-to-market gain on an equity investment. PepsiCo delivered an organic revenue growth of 2.4 percent for the quarter. The company's global snacks and foods business delivered mid-single-digit organic revenue growth while global beverages business delivered low-single-digit organic revenue growth. Based on the first quarter results, the company is confident in delivering on financial guidance for the full year.

First quarter core earnings per share was $1.21 compared to $1.07, prior year. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $1.12, for the quarter. Analysts' estimates typically exclude special items.

First quarter net income attributable to PepsiCo increased year-on-year to $1.71 billion from $1.34 billion. Earnings per share was $1.24 compared to $0.96. Net revenue increased 6.8 percent to $14.82 billion from $13.88 billion, previous year. Analysts expected revenue of $14.55 billion, for the quarter.

For 2021, the company continues to expect: a high-single-digit increase in core constant currency earnings per share; and a mid-single-digit increase in organic revenue. The company projects total cash returns to shareholders of approximately $5.9 billion, comprised of dividends of approximately $5.8 billion and share repurchases of $106 million.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT