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☆ Pepsi sales slide as snack and drink demand sags
▼ + stars: | 2024-10-08 | by ( Amelia Lucas | ) www.nbcnews.com time to read: +2 min

For 2024, Pepsi now expects a low-single-digit rise in organic revenue, down from its prior outlook of 4% growth. Pepsi reported third-quarter net income attributable to the company of $2.93 billion, or $2.13 per share, down from $3.09 billion, or $2.24 per share, a year earlier. The company reported that volume for both its food and beverage divisions declined 2%. Quaker Foods North America reported the steepest drop-off in volume, with a 13% slide. Frito-Lay North America reported a 1.5% decline in volume.

Persons: Ramon Laguarta, Jamie Caulfield, Frito, pita, ” Organizations: PepsiCo, Quaker Foods North America, Pepsi, Quaker Foods, Lay, ” Pepsi, Pepsi’s, Brands, Gatorade Locations: U.S, Quaker Foods North, America, Africa, Middle East, South Asia

☆ PepsiCo trims revenue outlook as North American snacking, key international markets lag
▼ + stars: | 2024-10-08 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

PepsiCo on Tuesday lowered its full-year outlook for organic revenue after its second straight quarter of weaker-than-expected sales. Shares of the company fell 1% in premarket trading. The company reported that volume for both its food and beverage divisions declined 2%. Quaker Foods North America reported the steepest drop-off in volume, with a 13% slide. Frito-Lay North America reported a 1.5% decline in volume.

Persons: Ramon Laguarta, Jamie Caulfield, Frito, pita Organizations: Pepsi, PepsiCo, Quaker Foods North America, LSEG, Quaker Foods, Lay, Pepsi's, Brands, Gatorade Locations: Maryland, United States, U.S, Quaker Foods North, America, Africa, Middle East, South Asia

☆ PepsiCo is giving shoppers a break on chips after years of snackflation
▼ + stars: | 2024-10-08 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

PepsiCo is selling bigger packs of chips to win over inflation-weary shoppers. It's the latest sign that shoppers are getting some relief after years of rising food prices. PepsiCo is adding more chips in packs without raising prices, company executives said during an earnings call on Tuesday. PepsiCo is also adding two or three extra bags of chips to variety packs, which typically contain around a dozen small bags of chips, he said. Executives at PepsiCo, one of the world's largest snack and beverage makers, had indicated in July that relief from higher snack prices was on the way.

Persons: —, There's, Ramon Laguarta, Laguarta, Sen, Elizabeth Warren, Madeleine Dean, Mills, Warren, Dean, Kamala Harris Organizations: PepsiCo, Service, snackers, Frito, Lay Locations: America

☆ PepsiCo earnings beat estimates, but U.S. demand weakens
▼ + stars: | 2024-07-11 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

PepsiCo reported mixed quarterly results Thursday, hurt by declining demand in North America for its drinks and snacks. Pepsi now expects organic revenue growth of approximately 4%, a more cautious outlook than its previous forecast of at least 4%. The company reiterated its guidance for core constant currency earnings growth of at least 8%. Frito-Lay North America's volume declined 4%, while Pepsi's North American beverage unit saw volume shrink 3%. Executives said volume for Pepsi's North American drinks has improved sequentially, signaling that its attempts to lure back shoppers have begun working.

Organizations: Pepsi, PepsiCo, LSEG, Pepsi's, Frito, Quaker Foods Locations: Las Vegas, United States, North America, Quaker Foods North America

☆ 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

“No company is too big to ensure that their products do not damage our environment and public health. All New Yorkers have a basic right to clean water, yet PepsiCo’s irresponsible packaging and marketing endanger Buffalo’s water supply, environment, and public health,” James said in a statement. PepsiCo is the single largest identifiable contributor to the plastic waste contaminating the Buffalo River, according to the lawsuit. Microplastics have also been found in fish species that are known to inhabit Lake Erie and the Buffalo River, as well as Buffalo's drinking water supply, according to the lawsuit. The lawsuit alleges that the opposite is happening, and that PepsiCo misled the public about its efforts to combat plastic pollution.

Persons: Letitia James, ” James, Microplastics, ”, Jill Jedlicka, James Organizations: — New York, PepsiCo Inc, PepsiCo, Frito, Lay Inc, Lay, America Inc, state’s Department of Environmental, Buffalo Niagara, Gatorade, Pepsi Locations: ALBANY, N.Y, Buffalo, “, Lake Erie, United States, New York

☆ NY wants to force Pepsi, Frito-Lay to clean up discarded plastic bottles and food wrappers, alleging that 'irresponsible packaging' is polluting river
▼ + stars: | 2023-11-15 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

The lawsuit seeks to force Pepsi and Frito-Lay to clean up wrappers and bottles on the shores of the Buffalo River. Microplastics have been found in fish species and in Buffalo's drinking water supply, the lawsuit alleges. "No company is too big to ensure that their products do not damage our environment and public health. "We will not sit idly by as our waterways become polluted again, this time from ever-growing single-use plastic pollution." It also asks that the company take steps to prevent additional plastic pollution from entering the Buffalo River.

Persons: Letitia James, —, James, Microplastics, Jill Jedlicka Organizations: NY, PepsiCo, Pepsi, Frito, Service, New, PepsiCo Inc, Lay Inc, Lay, America Inc, state's Department of Environmental, Buffalo Niagara, Gatorade Locations: Buffalo, Lake Erie, United States, New York

PepsiCo's revenue rose 7% in the third quarter despite lower demand as the company continued to hike prices. Pepsi raised prices 11% in the July-September period, the seventh straight quarter that the Purchase, New York, company has increased prices by double-digits. Sales volumes fell 2.5%. Still, Frito-Lay North America sales volumes dropped 0.5% during the July-September period as net prices rose 8%. North American beverage sales volumes dropped 6% as prices rose 12%.

Organizations: Pepsi, PepsiCo, Gatorade, Lay North, FactSet Locations: , New York, Lay North America, American, Europe, America

☆ PepsiCo beats Wall Street estimates, raises earnings outlook
▼ + stars: | 2023-10-10 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

PepsiCo on Tuesday reported quarterly earnings and revenue that beat analysts' expectations and raised its outlook for its full-year earnings. Shares of the company rose 2% in premarket trading. Pepsi's North American beverages unit reported volume declines of 6%. Quaker Foods North America's volume rose 1%, while Frito-Lay North America's volume was flat. Quaker Foods' brands also gained market share in key categories, like pancake mix and syrup, executives said in prepared remarks.

Organizations: Pepsi, PepsiCo, LSEG, Gatorade, Taco Bell, Quaker, Frito, Quaker Foods Locations: Crockett , California

☆ Coca-Cola says it's done raising prices in the U.S. and Europe this year
▼ + stars: | 2023-07-26 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

For two years, Coca-Cola has been raising prices on its drinks to combat higher costs. But the company said Wednesday it's done hiking prices this year in developed markets like the U.S. and Europe. Coke's prices were up 10% in the second quarter compared with the year-ago period. Coke plans to keep raising prices in line with inflation in developing markets like Latin America. Coke shares fell less than 1% in morning trading, despite the company raising its full-year outlook and reporting earnings and revenue that topped Wall Streeet estimates.

Persons: Coke, James Quincey, Quincey Organizations: PepsiCo, Pepsi, Quaker Foods, Quaker Foods North America, Lay Locations: U.S, Europe, Latin America, Quaker Foods North, America

☆ PepsiCo beats earnings estimates, raises full-year outlook even as higher prices hurt demand
▼ + stars: | 2023-07-13 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

PepsiCo on Thursday reported quarterly earnings and revenue that topped analysts' expectations, despite falling demand for its drinks and food. Shares of the company rose more than 2% in premarket trading. But the company's volume fell as higher prices for its snacks and drinks hurt demand. Quaker Foods North America's volume shrank 5%, and Pepsi's North American beverage unit reported volume fell 4.5% in the quarter. However, Frito-Lay North America was one bright spot, reporting 1% volume growth.

Persons: Ruffles Organizations: Pepsi, PepsiCo, Refinitiv, Quaker, Frito, Lay, Lay Minis Locations: Crockett , California, America

☆ PepsiCo raises outlook as quarterly results beat expectations
▼ + stars: | 2023-04-25 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

PepsiCo on Tuesday boosted its outlook for the year as it posted earnings and revenue that beat expectations. Shares of the company rose more than 2% Tuesday, hitting a new 52-week high. Organic revenue, which doesn't include the impact of acquisitions and divestitures, rose 14.3%. PepsiCo Beverages North America's organic revenue increased 12%, with with Pepsi delivering double-digit net revenue growth and brands like Gatorade and Aquafina delivering high single-digit net revenue growth. The company said it expects its full-year 2023 organic revenue to increase 8%, up from 6%, and core constant currency EPS to increase 9% up from 8%.

☆ 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.

☆ PepsiCo earnings beat expectations as price hikes boost snack and beverage sales
▼ + stars: | 2023-02-09 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

PepsiCo on Thursday reported quarterly earnings and revenue that beat analysts' expectations, fueled by higher prices for its snacks and drinks. But the company saw volume fall 2% across its food business worldwide as those price hikes hurt consumer demand. Frito-Lay North America reported flat volume for the quarter, despite double-digit revenue growth for Doritos, Cheetos, Smartfood and many of its other brands. Looking to 2023, Pepsi is projecting a 6% increase in organic revenue and 8% growth in its core constant currency earnings per share. Wall Street is anticipating net sales growth of 3.5% and earnings per share growth of 7.3%.

☆ 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.

☆ PepsiCo hikes forecast after third-quarter earnings, revenue top expectations
▼ + stars: | 2022-10-12 | by ( Jack Stebbins | ) www.cnbc.com time to read: +1 min

PepsiCo hiked its forecast for the year Wednesday morning after reporting third-quarter earnings and revenue that beat analyst expectations. Revenue: $21.97 billion vs. $20.84 billion expected. For its Frito-Lay North America division, the company said revenue rose 20% in the quarter despite a dip in volume. PepsiCo Beverages North America's revenue increased 4% on slightly higher volume. Total revenue rose to $21.97 billion, up 9% from $20.19 billion a year ago.

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