PepsiCo Now Projects Low-single-digit Increase In FY24 Organic Revenue - Update

(RTTNews) - (Adds Outlook)

PepsiCo, Inc. (PEP) said, the company continues to expect at least 8 percent increase in core constant currency EPS in fiscal 2024. This imply 2024 core EPS of at least $8.15, a 7 percent increase compared to 2023. For 2024, the company now expects a low-single-digit increase in organic revenue, revised from prior guidance of approximately 4% organic revenue growth.

Analysts polled by Thomson Reuters expect the company to report profit per share of $8.14. Analysts' estimates typically exclude special items.

Q3 Results:

The company's bottom line came in at $2.93 billion, or $2.13 per share compared with $3.09 billion, or $2.24 per share, prior year. Core earnings per share was $2.31 compared to $2.25, a year ago. Analysts on average had expected the company to earn $2.29 per share, according to figures compiled by Thomson Reuters. Core constant currency EPS growth was 5%, for the quarter.

The company's revenue for the quarter fell to $23.32 billion from $23.45 billion last year. Analysts expected revenue of $23.76 billion for the quarter. Organic revenue growth was 1.3%, for the quarter.

"Our businesses remained resilient in the third quarter, despite subdued category performance trends in North America, the continued impacts related to certain recalls at Quaker Foods North America and business disruptions due to rising geopolitical tensions in certain international markets," said CEO Ramon Laguarta.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.