PepsiCo Q1 Results Climb, Top Estimates; Backs FY22 Core EPS Growth View, Lifts Revenue Growth View

Snack and beverage giant PepsiCo Inc. (PEP) reported Tuesday that its first-quarter net income attributable to the company surged to $4.26 billion from last year's $1.71 billion. Earnings per share were $3.06, up 148 percent from $1.24 a year ago.

Core net income was $1.80 billion or $ 1.29 per share, compared to last year's $1.68 billion or $1.21 per share.

On average, 18 analysts polled by Thomson Reuters expected earnings of $1.23 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue climbed 9.3 percent to $16.20 billion from last year's $14.82 billion. Analysts estimated revenues of $15.53 billion for the quarter. Organic revenue growth was 13.7 percent.

Looking ahead for fiscal 2022, the company continues to expect an 8 percent increase in core constant currency earnings per share. The company now expects a 2-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth.

The guidance now imply 2022 core earnings per share of $6.63, a 6 percent increase compared to 2021 core earnings per share of $6.26.

Further, the company now expects to deliver 8 percent organic revenue growth, compared to previous guidance of 6 percent for fiscal year 2022.

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