PepsiCo Inc. (PEP) reported a 2.4% increase in revenue to $16 billion for the second quarter of 2018. Organic revenue grew 2.6% during the quarter. Net income attributable to PepsiCo dropped 14% to $1.8 billion, while diluted EPS fell 13% to $1.28 compared to the prior-year period. Core EPS grew 8% to $1.61. The company’s results beat analyst expectations.
PepsiCo posted a 4% increase in its Frito-Lay North America segment revenue compared to last year. Quaker Foods North America and North America Beverages saw declines of 5% and 1% respectively. The Latin America division saw a 1% improvement in revenue, while Europe Sub-Saharan Africa saw a growth of 11%. Asia, Middle East and North Africa dropped 2%.
PepsiCo Chairman and CEO Indra Nooyi said, “The majority of our businesses performed very well, particularly our international divisions propelled by continued growth in developing and emerging markets, and our North America Beverages sector posted sequential net revenue and operating profit performance improvement.”
PepsiCo, which acquired Bare Foods earlier this year, saw good growth in its Frito-Lay business. The company however faces stiff competition, particularly from top rival Coca-Cola (KO). The food and beverages business in the US is seeing pressure from high costs and shifting consumer trends and PepsiCo’s beverages segment is facing heat in particular, with increasing competition from smaller rivals. PepsiCo has plans to invest more in its proprietary cola business to drive sales.
For full-year 2018, PepsiCo expects organic revenue growth of at least 2.3%. Core earnings are expected to increase 9% from last year to $5.70. The company expects to return around $7 billion to shareholders through share repurchases of around $2 billion and dividends of around $5 billion.
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