Cases of Pepsi are shown for sale in a store in Carlsbad, California, April 22, 2017.
Mike Blake | Reuters
PepsiCo reported quarterly results Thursday that beat analysts’ estimates as consumers maintained their pandemic snacking habits.
The company’s shares rose less than 1% in premarket trading.
The company reported, relative to Wall Street expectations based on an analyst survey by Refinitiv:
- Earnings per share: $ 1.21 adjusted versus $ 1.12 expected
- Revenue: $ 14.82 billion versus $ 14.55 billion expected
Pepsi reported net income of $ 1.71 billion, or $ 1.24 per share, for the first quarter, compared to $ 1.34 billion, or 96 cents per share, a year earlier.
Excluding items, the food and beverage giant earned $ 1.21 per share, beating analysts polled by Refinitiv, which was forecasting $ 1.12 per share.
Net sales rose 6.8% to $ 14.82 billion, beating expectations of $ 14.55 billion. Organic sales, which exclude the effects of foreign currency, acquisitions and divestments, increased 2.4% for the quarter.
The company reiterated its guidance for 2021 that it expects organic sales growth in the mid-single-digit range and currency-neutral earnings per share in the high-single-digit range. Pepsi is forecasting strong sales for its North American beverage unit as more consumers visit restaurants and movie theaters, but demand for Quaker Foods products is likely to decline.
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