Vending

PepsiCo reports 5.3% Q3 revenue gain, Frito-Lay up 6%

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October 1, 2020

PepsiCo Inc. reported revenue reached $18 billion for the quarter ending Sept. 5, 2020, reflecting the global surge in snack and beverage sales and marking a 5.3% gain over the $17.18 billion for last year's third quarter, according to an earnings release.

Earnings per share for the quarter was $1.65, a 10% gain compared to $1.49 for last year.

Operating profit for the quarter was $3 billion compared to $2.85 billion last year.

"Our reported revenue increased 5.3%, while our reported earnings per share increased 10%," chairman and CEO Ramon Laguarta said in the press release. "Organic revenue increased 4.2% and core constant currency earnings per share increased 9%. These results reflect the continued strength of our global snacks and food business and a significant improvement in or global beverage business."

The company believes annual revenue will rise 4%, surpassing the analysts' 1.23% consensus, to $67.99 billion.

Shares were up 2.2% in premarket trading today with the price at $139.66.

Frito Lay North America posted $4.4 billion in sales for the quarter, a 6% gain over the prior year, according to a Seeking Alpha analysis, while Quaker Foods North America posted $608 million, a 6% gain, and North America Beverages reached $5.96 billion, also a 6% gain.

Africa, Middle East and South Asia's $1.25 billion marked a 31% gain, while Asia Pacific, Australia, New Zealand and China did $897 million for a 15% gain.

Latin America did $165 billion, a 13% decline.