Strong sales growth of its snacks and beverages helped PepsiCo beat earnings estimates, despite a drag from foreign exchange.
Shares of the company rose less than 1% in premarket trading.
"Our performance for the first half and the progress we are making on our strategic priorities give us increased confidence in achieving the 2019 financial targets we communicated earlier this year," CEO Ramon Laguarta said in a statement.
In fiscal 2019, the company expects organic revenue to grow by 4% and adjusted earnings per share, assuming constant foreign currency exchange rates, to decline by 1%.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.54, adjusted, vs. $1.50 expected
- Revenue: $16.449 billion vs. $16.426 billion expected
The soda giant reported fiscal second-quarter net income of $2.04 billion, or $1.44 per share, up from $1.82 billion, or $1.28 per share, a year earlier.
Excluding restructuring and impairment charges, tax benefits and other special items, Pepsi earned $1.54 per share, topping the $1.50 per share expected by analysts surveyed by Refinitiv.
Net sales rose 2.2% to $16.44 billion, beating expectations of $16.43 billion. The company said that currency fluctuations negatively impacted its revenue during the quarter.
Second-quarter organic revenue was up 4.5%, topping the 4.4% growth expected.
Frito-Lay North America was the strongest performer, reporting 5% organic revenue growth. The Cheetos maker credited sales growth in convenience and dollar stores for the unit's success.
https://www.cnbc.com/2019/07/09/pepsico-q2-2019-earnings.html
2019-07-09 10:24:25Z
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