PepsiCo beats revenue estimates on increased snacks consumption
PepsiCo Inc beat analysts' estimates for quarterly revenue on Monday, as its snacks business benefited from a surge in at-home consumption of ...
BookmarkREUTERS: PepsiCo Inc beat analysts' estimates for quarterly revenue and profit on Monday, helped by a surge in demand for snacks including Fritos and Cheetos during lockdowns triggered by the COVID-19 pandemic.Consumers stocked up on snacks, from potato chips to dips, as many were forced to work from home and students attended classes online to curb the spread of the virus.
AdvertisementAdvertisementSales of snacks under the Frito-Lay North America unit rose 7per cent in the second quarter.However, revenue at PepsiCo's North America beverages unit fell 7per cent as restaurants and vending machines remained closed, while sporting events were delayed.
Revenue in the company's Latin America business tumbled 17per cent as coronavirus cases in the region rose.Chief Executive Officer Ramon Laguarta signaled an improvement in trends as the quarter progressed due to the easing of restrictions.Advertisement
AdvertisementOverall, net revenue fell about 3per cent to US$15.95 billion, but beat analysts' estimates of US$15.38 billion, according to IBES data from Refinitiv.Net income attributable to the company fell to US$1.65 billion, or US$1.18 per share, in the three months ended June 13, from US$2.04 billion, or US$1.44 per share, a year earlier.
Excluding one-time items, the company earned US$1.32 per share, beating Wall Street estimates of US$1.25.(Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila) Read more: CNA »
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