PepsiCo Inc. (NASDAQ: PEP) reported its financial results for the quarter ended March 21, 2020 today.
PepsiCo posted a 5% decline in earnings for the first quarter of 2020 due to higher costs and expenses despite lower provision for income taxes and higher revenue. The company said there is still a great deal of uncertainty that exists in relation to COVID-19.
Due to the uncertainty, the company’s previous financial outlook regarding fiscal 2020 is no longer applicable. However, PepsiCo believes it has adequate flexibility to meet the needs of its business and return cash to shareholders with a strong balance sheet, highly cash generative business, and ample liquidity.
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