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☆ PepsiCo earnings beat estimates as international demand boosts sales
▼ + stars: | 2024-04-23 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

PepsiCo on Tuesday reported quarterly earnings and revenue that beat analysts' expectations, despite a recall of some Quaker Foods cereal and bars that dented U.S. volume. The company's organic revenue, which excludes acquisitions, divestitures and foreign exchange, increased 2.7% in the quarter. The company's food division saw its volume decrease 0.5%, while its beverage segment reported flat volume. The Quaker Foods recall dented Pepsi's organic volume by roughly 1%. For the full year, the company is expecting organic revenue will rise at least 4% and core constant currency earnings per share will climb at least 8%.

Organizations: Pepsi, Brooklyn borough New, PepsiCo, Quaker, LSEG, Gatorade, North, Quaker Food, Quaker Oats, Frito, Lay Locations: Flatbush, Brooklyn borough, Brooklyn borough New York City, Quaker, America, U.S, Asia Pacific, Australia, New Zealand, China, Europe

PepsiCo got a bump to fourth quarter profits thanks in part to lower charges and continued price hikes, but higher prices have weakened consumer demand for the company's snacks and drinks. Volume for Frito-Lay North America fell 2% in the final quarter of the year, and beverages North America in North America slid 6%. Volume fell 8% in the Quaker Foods North America unit, as the division dealt with a recall. Pepsi has wrestled with higher prices and how to pass those costs along, raising prices by double-digit percentages for several quarters. Its profits are up, though higher prices have dragged down sales as people trade down to cheaper brands.

Persons: Quaker Oats Organizations: PepsiCo, New, Zacks Investment Research, Wall, Frito, Lay, Pepsi, Quaker Foods, Quaker Foods North America, Global, Carrefour, Quaker, Lipton, PepsiCo Inc Locations: New York, America, North America, Europe, Asia Pacific, Australia, New Zealand, China, Quaker Foods North, France, Belgium, Spain, Italy, Purchase , New York

☆ PepsiCo earnings top estimates, but quarterly revenue slides for the first time in nearly four years
▼ + stars: | 2024-02-09 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

PepsiCo on Friday reported mixed quarterly results as North American demand for its food and drinks weakened. Pepsi's organic revenue, which excludes acquisitions and divestitures, rose 4.5% in the quarter, helped by higher prices. For 2024, Pepsi now anticipates organic revenue growth of at least 4% and core constant currency earnings per share growth of at least 8%. The company previously forecast organic revenue growth on the high end of 4% to 6% and core constant currency earnings per share growth in the high single digits. Executives are expecting international organic revenue growth to top that of North America for the full year.

Organizations: Pepsi, PepsiCo, Refinitiv, Quaker Foods, Lay, Quaker Oats Locations: Las Vegas, United States, North America, America

☆ Quaker Oats Recalls More Products Over Potential Salmonella Contamination
▼ + stars: | 2024-01-13 | by ( Rebecca Carballo | More About Rebecca Carballo | ) www.nytimes.com time to read: 1 min

The Quaker Oats Company added more products this week to a recall that started last month over possible salmonella contamination, raising the total number of products to more than 60. Quaker Oats, which is owned by PepsiCo, initially recalled 43 products, including granola bars, cereals and various snack foods. On Thursday, the company added 24 products to the list. The newly recalled items include Quaker Chewy Granola Bars, Gatorade protein bars, Cap’n Crunch bars, Quaker Simply Granola Cereals, Gamesa Marias Cereal and other cereals. “To date, Quaker has received no confirmed reports of illness related to the products covered by this recall,” the U.S. Food and Drug Administration said in December.

Organizations: Quaker Oats Company, Quaker, PepsiCo, Gatorade, U.S . Food, Drug Administration Locations: U.S

☆ Quaker Oats recall: Cap’n Crunch cereal, granola bars and more pulled over possible salmonella risk
▼ + stars: | 2024-01-12 | by ( Parija Bhatnagar | ) edition.cnn.com time to read: +2 min

New York CNN —Quaker Oats broadened its recall from last month to its granola bars, snacks and some varieties of its popular Cap’n Crunch cereal products sold nationwide due to possible Salmonella contamination. The packaged foods maker said Thursday it is recalling additional products that include more cereals bars and snacks. The affected products, listed by the US Food and Drug Administration now also include Quaker Chewy Granola Bars (Fruity Fun) Amazing Apple, Quaker Chewy Granola Bars (Fruity Fun) Amazing Apple and Splendid Strawberry Variety Pack, Quaker Chewy Granola Bars Yogurt Strawberry Flavor, Cap’n Crunch Treats Crunch Berries Cereal Bar, Quaker Chewy Granola Breakfast Cereal Strawberry, Cap’n Crunch Cinnamon Crunch Cereal and Cap’n Crunch OOPS! The CDC estimates more than 1 million cases of foodborne illness every year are caused by this bacteria. Quaker Oats said the recalled products were sold nationwide and in Puerto Rico, Guam and Saipan.

Persons: Quaker Oats, CNN’s Eva Rothenberg Organizations: New, New York CNN, US Food and Drug Administration, Apple, Centers for Disease Control, CDC, FDA, Quaker, Quaker Consumer Locations: New York, Puerto Rico, Guam, Saipan

The Quaker Oats Company has added two dozen additional types of granola bars, cereals and snack foods to a December recall over possible salmonella contamination. The company, which is owned by PepsiCo., announced the additional recall in the U.S. and Canada on Thursday. The expanded recall includes Quaker Chewy Granola Bars and Cereals, Cap'n Crunch Bars and select cereals, Gamesa Marias Cereal, Gatorade Peanut Butter Chocolate Protein Bars, Munchies Munch Mix and snack boxes that contain those products. Political Cartoons View All 253 ImagesConsumers should check their pantries for any of the products listed and throw them away. ___The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group.

Persons: Munch Organizations: Quaker Oats Company, PepsiCo, Cap'n Crunch, U.S . Food, Drug Administration, FDA, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: U.S, Canada

☆ Your snacks are getting more expensive. Blame these big food companies, not inflation.
▼ + stars: | 2023-07-27 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

But major food companies, from Nestlé to Unilever, increased prices much more than that. The world's biggest food companies spent the first half of this year raising prices, according to several earnings reports released this week. Some external factors have impacted the costs that major food companies pay to produce their products. It's especially easy for global food companies to raise prices, given that a few companies own most of the brands in many US grocery stores. But there's some evidence that consumers aren't willing to put up with higher food prices indefinitely.

Persons: PepsiCo's, Ramon Laguarta, We've, James Quincey, Quincey, PepsiCo's Laguarta Organizations: Consumer, Unilever, Service, PepsiCo, Quaker Oats, Gatorade, Federal Reserve, New York Times, Walmart, Costco, Sam's Locations: Nestlé, Wall, Silicon, Ukraine, Clorox, Kingsford, Europe

☆ Price Increases Lead to Big Jump in Profit at PepsiCo
▼ + stars: | 2023-07-13 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: 1 min

PepsiCo, the drink and snack maker, reported a big jump in quarterly profit on Thursday, despite signs that customers are buying fewer cans of soda and bags of chips as the company continues to raise prices aggressively. The maker of Gatorade, Lay’s and Quaker Oats also raised its forecast for earnings in the rest of the year, pushing its stock higher. The company reported 10 percent growth in revenue, to $22.3 billion, and nearly doubled its profit since the same time last year, to $2.7 billion, in its second quarter, which ended June 17. PepsiCo said it expected revenue to grow 10 percent for the full year, up from its previous forecast of 8 percent. The quarterly results exceeded analysts’ already optimistic expectations, and the gains come as consumers wrestle with higher prices while policymakers weigh their next move in their efforts to tame inflation.

Persons: Quaker Oats, ’ Organizations: PepsiCo, Gatorade, Lay’s, Quaker

☆ How PepsiCo is trying to get Doritos and Cheetos bags into compost bins
▼ + stars: | 2023-04-19 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

But more chip bags and snack containers being sold also means more waste from plastic and other packaging materials, something PepsiCo is aiming to take on. "Two years ago, if you think about our multipack packages, there was one plastic [packaging] outside, and each multipack serving," he said. McDonald's recently agreed under pressure from activist shareholders to produce a report on reusable packaging in exchange for having a shareholder vote on the issue rescinded. As far back as 2019, both Coke and Pepsi had already cut ties with a plastics industry association, and issued previous goals related to recyclable, compostable and reusable packaging. Taking what it learned from creating the Off The Eaten Path's packaging, Frito-Lay has introduced other packaging made from 85% renewable plant materials that produce roughly 60% lower greenhouse gas emissions than traditional snack bags.

☆ The White House is cracking down on companies illegally using migrant children to fill the labor shortage as 15-year-olds pack Cheerios and 13-year-olds change your hotel sheets
▼ + stars: | 2023-02-28 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +7 min

The New York Times reported last week that companies across the US are exploiting the labor of migrant children. The investigation comes as multiple states seek to loosen child labor laws to address the labor shortage. The Times reported that the use of child labor is prevalent across a number of prominent brands in the US, highlighting J. The Labor Department has found some of these companies, such as ice cream staple Ben & Jerrys, guilty of child labor violations before. Economists say that during a labor shortage, paring back child labor laws is a common phenomenon in the US.

☆ Thomas H. Lee, pioneer of leveraged buyouts, is dead at 78
▼ + stars: | 2023-02-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Thomas H. Lee, a private equity financier who pioneered the use of leveraged buyouts that helped to reshape corporate America, has passed away, according to a notice from his former firm that still bears his name. “We are profoundly saddened by the unexpected passing of our good friend and former partner, Thomas H. Lee,” said THL in a statement. “Tom was an iconic figure in private equity. One of Thomas Lee’s most famous, and lucrative, leveraged buyouts was his purchase of Snapple for $135 million in 1992. Lee left THL in 2006 and started another private equity firm, Lee Equity Partners.

☆ PepsiCo plans to cut hundreds of corporate jobs, report says
▼ + stars: | 2022-12-05 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

PepsiCo is eliminating hundreds of corporate jobs in North America, according to the Wall Street Journal. The company's beverage unit is expected to be hit harder by the cuts because the snacks unit already shrank its workforce through a voluntary retirement program, according to the Journal. Pepsi employed 309,000 people worldwide as of Dec. 25, with more than 40% of those jobs located in the U.S., according to a company regulatory filing. Several food and beverage companies have also cut jobs, including Beyond Meat , Impossible Foods and PepsiCo's main rival Coca-Cola . In November, Coke said it would restructure its North American business through a voluntary separation program that included buyouts.

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