PepsiCo revenue still falls as the pandemic hits sales.
Earlier today, PepsiCo released the financial reports for the past quarter. As expected, the pandemic affected its sales volumes.
Still, the company posted profit and revenue that fell less than expected. The net income reduced to $1.65 billion from $2.04 billion compared to last year. The EPS was $1.32, higher than the anticipated consensus of $1.25.
However, the revenue dropped by 3.1% to $19.95 billion. Although it is lower at the same time is higher than the expected $15.37 billion.
Given the global context, PepsiCo didn't provide further financial guidance. Still, it is working on returning $7.5 billion to shareholders by $5.5 billion worth of dividends, and $2 billion worth of stock repurchases. According to CEO Ramon Laguarta, the company spent roughly $400 million on costs for the pandemic, including protective equipment for staff.
In North America, the revenue fell by 7% due to stadiums, cinemas, and restaurants closure. In the past quarter, only Australia and New Zealand, Asia Pacific, and China segments had a growth of 15%. Everywhere else in the world, there have been declines in sales.
During today’s pre-market session, the stock price gained more than 2%. In three months, the stock gained 2.7%, while USA500 added 15.3%.
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Sources: marketwatch.com, cnbc.com
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