PepsiCo reported better-than-expected revenue in the first quarter on strong international demand for its snacks and beverages.
The Purchase, New York-based company said revenue rose 2% to $18.3 billion for the January-April period. That was higher than the $18 billion Wall Street forecast, according to analysts polled by FactSet.
Pepsi reaffirmed its financial guidance for 2024, including organic revenue growth of 4%. The company has said it expects to return to more normal rates of growth this year after several years of inflation-driven price increases.
That may have disappointed investors who have grown used to stronger growth at PepsiCo. Last year organic revenue grew 9.5%, for example. PepsiCo’s shares fell more than 2.5% in morning trading Tuesday.
In North America Frito-Lay revenue rose 2% while Pepsi beverage sales were up 1%. Sales were hurt by a recall early in the quarter of Quaker Oats cereal, bars and snacks because of potential contamination with salmonella. Quaker Foods sales dropped 24% during the quarter.
Mystery artist who erected signs comparing pothole
Nature's the star at The Datai resort in Malaysia. But... beware the monkeys raiding the minibar!
Moment huge line of surfers ride the five
Ben Whishaw lights up the Croisette as he joins his co
Simon Bridges to chair Waka Kotahi NZ Transport Agency
Food fan reviews America's wackiest MCDONALD'S
I've dated men in 25 countries around the world
Everybody may love Raymond, but Ray Romano loves Peter Boyle
Perfect respite from eight million mopeds and motorbikes: Inside the Park Hyatt Saigon
Verona confirms Serie A status for another year after beating Salernitana
Want late snow? Then aim high! Warm winters are melting slopes