PepsiCo Inc. reported a Q2 2022 revenue gain, boosted by its snacks and food divisions over the prior year period, beating analyst expectations. Highlights from an earnings report include:
- Revenue rose 5.2% from $19.22 billion in Q2 2021 to $20.23 billion in the 12 weeks ending June 11, 2022.
- Net income fell from $2.37 billion to $1.45 billion in the comparative quarters.
- Diluted earnings per share fell 39% from $1.70 to $1.30 while organic/core EPS was $1.86.
- Frito-Lay North America revenue rose from $4.55 billion to $5.18 billion in the comparative quarters.
- Quaker Foods North America revenue rose from $575 million to $675 million.
- PepsiCo Beverages North America revenue dipped from $6.15 billion to $6.12 billion.
- Latin America revenue rose from $1.97 billion to $2.41 billion.
- Europe revenue dipped from $3.28 billion to $3.02 billion.
- Africa, Middle East and South Asia revenue rose from $1.6 billion to $1.69 billion.
- Asia Pacific, Australia, New Zealand and China revenue rose from $1.08 billion to $1.115 billion.
Shares traded at $1.70.82 today against a 52-week range of $149.48-$177.62.
The $20.23 in quarterly revenue beat Zack analyst expectations by 2.23% while the $1.86 core EPS beat expectations of $1.73, according to Yahoo Finance.
“We are pleased with our results for the second quarter as our business momentum continued despite ongoing macroeconomic and geopolitical volatility and higher levels of inflation across our markets,” Chairman and CEO Ramon Laguarta said in the press release.
The company expects to deliver 10% organic revenue growth versus its previous guidance of 8% for fiscal 2022.