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PepsiCo on Tuesday cut its full-year organic revenue forecast after the company reported lower-than-expected sales and business disruption due to geopolitical tensions that affected the third quarter.
The snack and beverage giant's 2024 organic revenue growth outlook has been revised from 4% to a “low single-digit increase.” The report predicted that global organic revenue growth would outpace that of North America. The company also doubled down on its forecast for core constant currency earnings per share to rise “at least” 8% this year.
PepsiCo CEO Ramon Laguarta said, “Weak category performance in North America, continued impact related to certain Quaker Foods North America recalls, and geopolitical tensions in certain international markets'' “Our business remained resilient in the third quarter, despite business interruptions due to heightened demand.” Tuesday.
For the quarter, PepsiCo's net revenue was $23.32 billion, down 0.6% from a year earlier and below Wall Street expectations of $23.76 billion. Adjusted earnings per share were $2.31, beating analysts' expectations of $2.29 per share.
Pepsi products are displayed and for sale at a Target store on March 8, 2022 in Los Angeles, California. (Tama Mario/Getty Images/Getty Images)
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The company lowered its overall organic revenue forecast for the year to account for inflationary pressures on consumers, geopolitical tensions in certain international markets, and other factors.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| pep | PepsiCo Co., Ltd. | 167.21 | -0.76 |
-0.45% |
“We expect consumers to remain selective and value-conscious as the cumulative effects of inflationary pressures continue to impact budgets and spending patterns,” said James Caulfield, chief financial officer of Laguarta. said. “Some of the heightened geopolitical tensions and macroeconomic pressures are expected to continue in certain international markets.”
Branded chips on display at a Dollar General store in Simpsonville, Kentucky, on August 12, 2021. (Photographer: Luke Sharett/Bloomberg via Getty Images / Getty Images)
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The company owns a wide range of brands including Pepsi, Doritos, Gatorade, Mountain Dew, and Quaker. Its products are sold in more than 200 countries and regions.
For the quarter, PepsiCo's net revenue was $23.32 billion, down 0.6% from a year earlier and below Wall Street expectations of $23.76 billion. (Dennis Trasello/Getty Images for LARAS/Getty Images)
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“Looking to the future, we remain focused on delivering good value to consumers through delicious products that offer variety, convenience and affordability,” executives said. “We also continue to strengthen and accelerate productivity initiatives across our organization, supporting disciplined commercial, advertising and marketing investments, including our forward-thinking choices and multicultural services. It also includes investments to accelerate our presence and diversity.”
