Vending

PepsiCo boosts Q2 2023 results, lifts full year expectations

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July 13, 2023

PepsiCo Inc. lifted its sales and earnings for Q2 2023 over the prior year period and upgraded its full year results, according to a press release. Highlights include:

• Revenue rose 10.4% from $20.22 billion in Q2 2022 to $22.32 billion in the quarter ending June 17, 2023.
• Net income rose from $1.43 billion to $2.75 billion in the comparative quarters.
• Diluted income per common share rose 93% from $1.03 to $1.99.
• Non-GAAP EPS was $2.09 for the quarter.
• Frito Lay North America revenue rose 14% from $5.18 billion to $5.9 billion.
• Quaker Foods North America revenue rose 1% from $675 million to $684 million.
• PepsiCo Beverages North America revenue rose 10% from $6.12 billion to $6.75 billion.
• Latin America revenue rose 18% from $2.41 billion to $2.86 billion.
• Europe revenue rose 13% from $3.02 billion to $3.43 billion.
• Africa, Middle East and South Asia revenue fell 8% from $1.69 billion to $1.57 billion.
• Asia Pacific, Australia, New Zealand and China region rose 1% from $1.11 billion to $1.3 billion.

Shares traded today at $185.99 against a 52-week range of $160.98 to $196.88.

The $22.32 in quarterly revenue beat analyst expectations by $590 million while the non-GAAP EPS of $2.09 beat expectations by 13 cents, according to Seeking Alpha.

"We are very pleased with our performance for the second quarter as our business momentum remains strong. As a result, we now expect our full-year organic revenue to increase 10% (previously 8%) and our core constant currency EPS to increase 12% (previously 9%)," chairman and CEO Ramon Laguarta said in the press release.

For fiscal year 2023, the company now expects to deliver 10% organic revenue growth (previously 8%), and 12% core constant currency EPS growth (previously 9%).