Purchase, April 23, 2024 – American beverage giant PepsiCo reported first-quarter growth in both revenue and earnings, beating analysts’ expectations. Strong demand in international markets offset weaker sales in the U.S., PepsiCo’s home market.
The company’s net income for the first quarter was $2.04 billion (€1.92 billion), or $1.48 per share. This compares to $1.93 billion (€1.40 per share) in the same period last year. On an adjusted basis, excluding one-time items, earnings were $2.22 billion, or $1.61 per share, beating analysts’ estimates of $1.52 per share.
Revenue for the first quarter rose 2.2% to $18.25 billion, also above expectations of $18.07 billion. This was driven by strong performance in international markets, including Europe, China, and the Asia Pacific region. These markets helped to offset weaker demand in North America, where consumers have been reacting to higher prices for PepsiCo products. PepsiCo’s international business accounted for 40% of total revenue last year.
Additional information:
- PepsiCo releases its quarterly earnings reports on its investor relations website.
- The company’s stock trades on the New York Stock Exchange under the ticker symbol PEP.
- PepsiCo is one of the world’s largest producers of soft drinks, food, and snacks.
Sources: Reuters, RTTNews
