Vending

PepsiCo boosts Q1 2022 sales, earnings

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April 26, 2022

PepsiCo Inc. reported improved revenue and earnings for Q1 2022 over the prior year's first quarter and raised its 2022 guidance, according to an earnings release. Highlights include:

• Revenue rose 9% from $14.8 billion in Q1 2021 to $16.2 billion for Q1 2022.
• Net income rose from $1.7 billion to $4.26 billion.
• Net income attributable per common share on a diluted basis rose from $1.24 to $.306.
• Non-GAAP EPS was $1.29 for Q1 2022.
• Revenue gains by business segment were as follows:
• Frito-Lay North America rose 14% from $4.23 billion to $4.84 billion.
• Quaker Foods North America rose 11% from $646 million to $713 million.
• PepsiCo Beverages North America rose 5.5% from $5.07 billion to $5.35 billion.

Shares traded at $174.31 today against a 52-week range of $141.73-$177.24.

The $16.2 billion in quarterly revenue beat analyst expectations by $660 million, according to Seeking Alpha, while the non-GAAP EPS of $1.29 beat expectations by 6 cents.

"I am very proud of how our people and business have performed while operating in a dynamic and complex environment due to the ongoing deadly conflict in Ukraine," chairman and CEO Ramon Laguarta said in the press release. "Our priority continues to be the safety, well-being, and security of our Ukrainian associates and we join all those praying for peace."

The company now expects to deliver 8% organic revenue growth versus its previous guidance of 6% for fiscal year 2022.