PepsiCo updates full-year outlook after moderate Q2 results

PepsiCo has reported a 5.2% increase in net revenue in its second-quarter results for 2022, as it updates its full-year outlook.

For its second quarter, the company posted net revenue of $20.22 billion, compared with $19.22 billion recorded for the same period last year.

Meanwhile, PepsiCo’s 2022 operating profit for Q2 came in at $2.1 billion and the company has reported organic revenue growth of 13%.

Its PepsiCo Beverages North America division’s net revenue decreased by 1%. Meanwhile, the company’s Frito-Lay North America unit saw its net revenue increase by 14% and Quaker Foods North America increase by 17%.

PepsiCo’s Latin America division saw the most growth, with an increase of 23% in net revenue. 

Ramon Laguarta, chairman and CEO of PepsiCo, said: “We are pleased with our results for the second quarter as our business momentum continued despite ongoing macroeconomic and geopolitical volatility and higher levels of inflation across our markets. 

“Our results are indicative of our highly dedicated employees, the strength and resilience of our categories, agile supply chain and go-to-market systems and strong marketplace execution. Our performance also gives us confidence that our investments to become an even faster, even stronger and even better organisation by winning with pep+ are working.

“Given our year-to-date performance, we now expect our full-year organic revenue to increase 10% (previously 8% and we continue to expect core constant currency earnings per share to increase 8%.”