Summary
Pepsico Misses
Pepsico (PEP) reported 3rd Quarter September 2024 earnings of $2.31 per share on revenue of $23.3 billion. The consensus earnings estimate was $2.30 per share on revenue of $24.0 billion. The Earnings Whisper number was $2.35 per share. Revenue fell 0.6% compared to the same quarter a year ago.
The company said it continues to expect 2024 earnings of at least $8.15 per share but now expects revenue growth in the low-single-digits, or revenue of approximately $93.76 billion. The company's previous guidance was revenue of approximately $94.22 billion and the current consensus earnings estimate is $8.13 per share on revenue of $93.77 billion for the year ending December 31, 2024.
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world.
Results
Reported Earnings
$2.31
Earnings Whisper
$2.35
Consensus Estimate
$2.30
Reported Revenue
$23.32 Bil
Revenue Estimate
$23.95 Bil
Growth
Earnings Growth
Revenue Growth
Earnings Release
PepsiCo Reports Third-Quarter 2024 Results; Updates 2024 Financial Guidance
PURCHASE, N.Y. - October 8, 2024 - PepsiCo, Inc. (NASDAQ: PEP) today reported results for the third quarter 2024.
“Our businesses remained resilient in the third quarter, despite subdued category performance trends in North America, the continued impacts related to certain recalls at Quaker Foods North America and business disruptions due to rising geopolitical tensions in certain international markets. Strong cost controls aided our profitability, as we made incremental investments to improve our marketplace competitiveness,” said Chairman and CEO Ramon Laguarta.
Laguarta continued, “For the balance of the year, we will continue to invest in commercial activities and brand support to stimulate consumer demand. Our investments will be enabled by elevating and advancing productivity initiatives across our entire organization. Given our performance to date and our outlook for the fourth quarter, we now expect to deliver a low single-digit increase in organic revenue (previously approximately 4 percent organic revenue growth). We continue to expect to deliver at least 8 percent core constant currency EPS growth as we will focus on tightly managing our costs to better align with the subdued growth environment that we are currently operating in.”
For the full earnings release, please go here.
