PepsiCo lowered its full-year outlook for organic revenue but reiterated its forecast for its earnings growth.
PepsiCo reported third-quarter earnings that beat Wall Street's estimates, but its revenue was weaker than expected.24/7 San Diego news stream: Watch NBC 7 free wherever you are
The repercussions of the Quaker Foods North America recalls, weakening demand in the U.S. and business disruptions in some international markets weighed on the company's performance this quarter, CEO Ramon Laguarta said in a statement. For 2024, Pepsi now expects a low-single-digit increase in organic revenue, down from its prior outlook of 4% growth. The company reiterated its forecast for an increase of at least 8% for its core constant currency earnings per share.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Revenue: $23.32 billion vs. $23.
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.Net sales fell 0.6% to $23.32 billion. Organic revenue, which strips out acquisitions, divestitures and currency changes, rose 1.3% in the quarter.
Demand for Pepsi's snacks and drinks fell this quarter. The company reported that volume for both its food and beverage divisions declined 2%. Last quarter,Quaker Foods North America reported the steepest drop-off in volume, with a 13% slide. The company issued its first recall for potential salmonella contamination in December, then widened it inLos Angeles Dodgers
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