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MarketScreener Homepage  >  Equities  >  Nasdaq  >  PepsiCo, Inc.    PEP

PEPSICO, INC.

(PEP)
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PepsiCo : results beat as lockdowns boost snack sales

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07/13/2020 | 05:31am EDT
Photo illustration of a bottle of Pepsi in Willmette, Illinois

PepsiCo Inc beat analysts' estimates for quarterly revenue and profit on Monday, as people stocked up on its snacks including Tostitos, Cheetos and Doritos before hunkering down in their homes due to coronavirus-related restrictions.

The company's shares, which are down 1.6% to date in a tumultuous year for Wall Street, were up about 2% before the bell as investors shrugged off a fall in sales of its sodas due to widespread restaurant closures.

"Consumer eating habits continued to evolve, with consumers spending more time at home, which benefits the at-home breakfast, snacking and dinner occasions," Chief Executive Officer Ramon Laguarta said in pre-recorded remarks.

"We gained market share in salty, savory and macro-snacks in the quarter."

Online sales of potato chips jumped 93.5% and tortilla chips 101.2% for the week ended June 20, according to market data from Nielsen.

For PepsiCo, sales of snacks under the Frito-Lay North America unit rose 7% in the second quarter ended June 13, while Quaker Oats surged 23%.

Revenue at PepsiCo's North America beverages unit, its biggest, fell 7% as restaurants and other points of sale remained closed, while sporting events were delayed.

Laguarta signaled an improvement in convenience stores and gas stations, but expects the recovery in foodservice channels, which include restaurants, to take a bit more time.

The company sees snacks and food businesses remaining resilient, with the beverages unit expected to perform better during the second half of the year.

Overall, net revenue fell about 3% to $15.95 billion, but beat analysts' estimates of $15.38 billion, according to IBES data from Refinitiv.

Net income attributable to the company fell about 19% to $1.65 billion.

Excluding items, the company earned $1.32 per share, beating Wall Street estimates of $1.25.

(Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila)

By Nivedita Balu
Stocks mentioned in the article
ChangeLast1st jan.
OATS FUTURES (O) - CBR (FLOOR)/C1 0.18% 276.75 End-of-day quote.-5.22%
PEPSICO, INC. 0.36% 137.17 Delayed Quote.0.02%
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Financials (USD)
Sales 2020 67 911 M - -
Net income 2020 7 173 M - -
Net Debt 2020 33 265 M - -
P/E ratio 2020 26,5x
Yield 2020 2,94%
Capitalization 189 B 189 B -
EV / Sales 2020 3,28x
EV / Sales 2021 3,13x
Nbr of Employees 267 000
Free-Float 74,1%
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Technical analysis trends PEPSICO, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 146,78 $
Last Close Price 136,70 $
Spread / Highest target 20,0%
Spread / Average Target 7,37%
Spread / Lowest Target -4,90%
EPS Revisions
Managers
NameTitle
Ramon Luis Laguarta Chairman & Chief Executive Officer
Hugh F. Johnston Vice Chairman, Chief Financial Officer & EVP
Rene Lammers Chief Science Officer
Seth Cohen Chief Information Officer & Senior Vice President
Daniel Lucius Vasella Independent Director
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