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Pepsico boosts sales, earnings for Q1 2021

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April 15, 2021

Pepsico Inc. reported net revenue rose 6.8% from $13.9 billion in Q1 2020 to $14.8 billion in Q1 2021 for the 12 weeks ending March 20, 2021, boosting net income from $1.3 billion to $1.7 billion, according to an earnings release.

Diluted net income per share rose 29% from 86 cents to $1.24.

The $14.8 billion in revenue beat analyst expectations by $280 million, while the GAAP EPS of $1.24 beat expectations by 13 cents and non-GAAP EPS of $1.21 beat expectations by 9 cents, according to Seeking Alpha.

Shares traded at $142.6 today against a 52-week range of $123.75-$147.59.

Revenue for Frito Lay North America rose from $4.07 billion to $4.4 billion; Quaker Foods North America rose from $634 million to $646 million; and Pepsico Beverages North America increased from $4.94 billion to $5.07 billion.

Revenue for Latin America declined from $1.3 billion to $1.24 billion while European revenue fell from $1.84 billion to $1.8 billion.

Revenue for Asia, Middle East and South Asia rose from $631 million to $883 million, and Asia Pacific, Australia, New Zealand and Chia revenue increased from $555 million to $944 million.

"We are pleased with our results for the first quarter as we successfully overcame challenges related to difficult year-over-year comparisons, uneven recoveries across many of our international markets and weather-related business disruptions in the U.S.," Chairman and CEO Ramon Laguarta said in the press release.

For 2021, the company continues to expect: a mid-single-digit increase in organic revenue; a high-single-digit increase in core constant currency EPS; and total cash returns to shareholders of approximately $5.9 billion.