PepsiCo's International Growth Offsets North America Lull, Affirms 2024 Outlook
Portfolio Pulse from Shivani Kumaresan
PepsiCo Inc (NASDAQ:PEP) reported a 2.3% year-on-year sales growth for Q1 FY24, reaching $18.25 billion and surpassing analyst expectations. The growth was driven by strong international performance, offsetting weaker results in North America. Adjusted EPS of $1.61 beat estimates, and the company reaffirmed its 2024 outlook for organic revenue growth and core constant currency EPS increase. PepsiCo plans to return $8.2 billion to shareholders through dividends and share repurchases.
April 23, 2024 | 11:57 am
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PepsiCo reported a 2.3% Y/Y sales growth in Q1 FY24, with adjusted EPS of $1.61 beating estimates. The company reaffirmed its 2024 outlook, expecting organic revenue growth of at least 4% and an 8% increase in core constant currency EPS. Plans for $8.2 billion in shareholder returns were also confirmed.
PepsiCo's positive earnings report and reaffirmation of its 2024 financial outlook, coupled with plans for significant shareholder returns, are likely to instill confidence among investors. The strong international growth offsetting North American weaknesses indicates a resilient and diversified business model, potentially leading to a positive short-term impact on the stock price.
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