PepsiCo reported first-quarter top and bottom lines that beat Wall Street estimates today (17 April), helped by solid growth from the US group’s snacks business.
The Lay’s maker posted earnings per share of US$0.83, eight cents above consensus forecasts.
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PepsiCo’s “core constant-currency operating profit”, which excludes foreign exchange and charges from areas like restructuring and impairment, was up 7%.
By that metric, profits from PepsiCo’s Frito-Lay North America and Latin America Foods arms were up 6% and 13% respectively. However, profit from Quaker Foods North America was down 9% amid high costs and disruptions to the company’s oat supplies.
Revenue inched up 0.3% to $12.62bn. Foreign exchange weighed on PepsiCo’s turnover. Organic revenue climbed 4% on the back of a 5% rise in sales from the company’s global snacks business.
Shares in PepsiCo were up 0.55% at $85.23 at 11:03 ET.
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