Overview
- Adjusted EPS came in at $2.29 on revenue of $23.94 billion, topping estimates as international strength offset softer U.S. demand.
- Underlying unit volumes fell 1% globally, with PepsiCo Foods North America down about 4% and North American beverages down about 3% in the quarter.
- The company reaffirmed guidance for low-single-digit organic revenue growth and roughly flat core constant-currency EPS for the full year, and the stock traded higher after the report.
- CEO Ramon Laguarta highlighted an accelerated pipeline that includes lower-sugar Gatorade, an NKD line of Doritos and Cheetos without artificial colors or flavors, and removal of dyes in Lay’s and Tostitos, alongside ongoing price-pack changes.
- PepsiCo said it is intensifying cost reductions and portfolio simplification, disclosed CFO Jamie Caulfield’s retirement, and named Walmart U.S. finance chief Steve Schmitt as successor effective Nov. 10, as engagement continues with Elliott’s roughly $4 billion activist stake.