PepsiCo beats Q1 revenue forecasts as price increases moderate
Time:2024-05-21 20:09:45 Source:styleViews(143)
PepsiCo reported better-than-expected revenue in the first quarter on strong international demand for its snacks and beverages.
The Purchase, New York-based company said revenue rose 2% to $18.3 billion for the January-April period. That was higher than the $18 billion Wall Street forecast, according to analysts polled by FactSet.
Pepsi reaffirmed its financial guidance for 2024, including organic revenue growth of 4%. The company has said it expects to return to more normal rates of growth this year after several years of inflation-driven price increases.
That may have disappointed investors who have grown used to stronger growth at PepsiCo. Last year organic revenue grew 9.5%, for example. PepsiCo’s shares fell more than 2.5% in morning trading Tuesday.
In North America Frito-Lay revenue rose 2% while Pepsi beverage sales were up 1%. Sales were hurt by a recall early in the quarter of Quaker Oats cereal, bars and snacks because of potential contamination with salmonella. Quaker Foods sales dropped 24% during the quarter.
Previous:Fresh heartache for cancer
Next:Britain's new bonkers EV: Callum Skye is an £80k electric buggy built in Warwickshire
You may also like
- Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
- Renters now pay an extra £5,993 a year in rent and energy bills compared to a decade ago
- Spring Bud Blooms
- Li Hongfeng Wins Gold of Women's Cross Country Olympic of Cycling Mountain Bike at Hangzhou Asiad
- Dodgers acquire pitcher Yohan Ramírez from Mets for cash
- Graduate Walks the Line, and Her Video Goes Viral
- China Wins Two More Gold Medals, Qin Lands Second Breaststroke Title
- China's Chen, Fan Labor to WTT Singapore Smash Crowns
- Yu Darvish extends scoreless innings streak to 25 in Padres' 9