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PepsiCo boosts outlook after Q1 results beat expectations

PepsiCo has reported net revenue growth of 10.2% for its first quarter, up from 9.3% in the same period last year. The beverage and snack giant posted Q1 net revenue of $17.85 billion, compared to $16.2 billion in the year-ago quarter. Operating profit stood at $2.63 billion, down 50% from $5.27 billion the prior year. PepsiCo’s Frito-Lay North America division reported a 15% rise in net revenue to $5.58 billion. Meanwhile, PepsiCo Beverages North America’s net revenue rose 8%, with the company recognising gains associated with its $3.3 billion juice divestiture in its PepsiCo Beverages North America and Europe divisions, in 2021. The owner of 7Up and Doritos also highlighted brand portfolio impairment charges related to property, plant and equipment impairments, as well as the charges and losses in relation to the “deadly conflict in Ukraine”. PepsiCo’s chairman and CEO, Ramon Laguarta, said: “We are very pleased with our performance and business momentum as our categories and geographies remained resilient during the first quarter. Our results demonstrate that the investments we have made to become an even faster, even stronger, and even better organisation by winning with pep+ are laying the foundation for durable and sustainable growth.” He continued: “We remain committed to our strategic agenda and will continue to invest in our people, brands, supply chain, go-to-market systems and digitisation initiatives to build competitive advantages and win in the marketplace”. Following its first quarter results, PepsiCo expects full-year organic revenue to increase by 8%.

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