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Bottles of Pepsi soda are seen on display at a Target store on February 09, 2024 in the Flatbush neighborhood of Brooklyn borough New York City. Michael M. Santiago | Getty Images PepsiCo reported mixed quarterly results on Tuesday as demand for its snacks and drinks fell in North America for the fifth straight quarter. Shares of the company fell more than 2% in premarket trading. Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: $1.96 adjusted vs. $1.94 expected Revenue: $27.78 billion vs. $27.89 billion expected Pepsi reported fourth-quarter net income attributable to the company of $1.52 billion, or $1.11 per share, up from $1.3 billion, or 94 cents per share, a year earlier. Excluding restructuring, impairment charges and other items, the food and beverage company earned $1.96 per share. Net sales dropped 0.2% to $27.78 billion. The company’s organic revenue, which excludes acquisitions, divestitures and foreign exchange, rose 2.1% in the fourth quarter. Pepsi’s worldwide volume increased 1% for convenient foods and 1% for beverages. The metric strips out pricing and foreign exchange. But demand was weaker in the company’s home market, North America. Pepsi has previously said that shoppers in the U.S. have grown more cautious, snacking less and making fewer purchases at convenience stores. Frito-Lay North America’s volume fell 3% in the quarter. Consumers have been snacking less as they watch their grocery budgets, thanks to several years of higher food prices and interest rates. “In 2024, the salty and savory snack categories underperformed broader packaged food, following multiple years in which these categories had outperformed packaged food,” CEO Ramon Laguarta and CFO Jamie Caulfield said in prepared remarks. The company’s North American beverage unit reported a 3% decline in quarterly volume. But there…

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Filed under: News - @ February 4, 2025 12:26 pm