Despite U.S. demand weakening, PepsiCo earnings still beat estimates.
- PepsiCo's three North American business units reported declining volume, resulting in missed revenue estimates for the second quarter.
- The company also gave a more cautious outlook for its full-year sales.
- However, Pepsi beat earnings estimates for the quarter.
Its drinks and snacks faced declining demand in North America, resulting in mixed quarterly results reported on Thursday.
The company also narrowed its revenue outlook for the full year.
Shares of the company fell more than 2% in premarket trading.
Based on a survey of analysts by LSEG, the company's reported results differed from Wall Street's expectations.
- Earnings per share: $2.28 adjusted vs. $2.16 expected
- Revenue: $22.5 billion vs. $22.57 billion expected
Pepsi's second-quarter net income increased to $3.08 billion, or $2.23 per share, from $2.75 billion, or $1.99 per share, in the previous year.
Excluding items, the company earned $2.28 per share.
Net sales rose nearly 1% to $22.5 billion.
by Amelia Lucas
Business News
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