Pepsi (PEP) Beats the Street in Q1 as Global Volume Gains Continue
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Financial Fact:
Selling, general and administrative expenses: 5.9B
Today's EPS Names:
BTTX, VAXX, ELYS, More
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PepsiCo (NYSE: PEP) offered slightly better-than-expected first-quarter results on both the top- and bottom-lines Thursday morning, however shares are currently about flat in pre-market action.
GAAP net income came in at $1.14 billion, down about 20 percent from the $1.43 billion reported during the same quarter last year. Earnings per share fell from 89 cents during the first quarter of 2010 to 71 cents. On a pro forma basis, Pepsi reported a profit of 74 cents per share.
Quarterly revenue came in at $11.94 billion, up 27 percent from the $9.37 billion posted during the same period last year.
Wall Street analysts had been looking for Pepsi to report earnings of 73 cents per share on sales of $11.71 billion.
While global snacks volume rose 3 percent during the first quarter, the metric was partially offset by declines in food volume in North American and Brazil. Worldwide beverage volume rose 12 percent, and organic beverage volume rose 3.5 percent.
Volume in Europe was up 24 percent for the Snacks group and 28 percent for the Beverage unit. In Africa, the Middle East and Asia, volume rose 12 percent for Snacks and 5.5 percent for Beverages.
Pepsi affirmed its FY11 outlook of 7-8 percent core EPS growth.
Indra Nooyi, Pepsi's Chairman and CEO said, "We are pleased with the broad-based volume and net revenue growth in the quarter. Growth in emerging markets was strong, driving attractive gains in Eastern Europe, Asia and the Middle East. Importantly, we had strong volume growth in both our Frito-Lay snacks and North American beverage businesses, with each up 2 percent on an organic basis over the prior year."
GAAP net income came in at $1.14 billion, down about 20 percent from the $1.43 billion reported during the same quarter last year. Earnings per share fell from 89 cents during the first quarter of 2010 to 71 cents. On a pro forma basis, Pepsi reported a profit of 74 cents per share.
Quarterly revenue came in at $11.94 billion, up 27 percent from the $9.37 billion posted during the same period last year.
Wall Street analysts had been looking for Pepsi to report earnings of 73 cents per share on sales of $11.71 billion.
While global snacks volume rose 3 percent during the first quarter, the metric was partially offset by declines in food volume in North American and Brazil. Worldwide beverage volume rose 12 percent, and organic beverage volume rose 3.5 percent.
Volume in Europe was up 24 percent for the Snacks group and 28 percent for the Beverage unit. In Africa, the Middle East and Asia, volume rose 12 percent for Snacks and 5.5 percent for Beverages.
Pepsi affirmed its FY11 outlook of 7-8 percent core EPS growth.
Indra Nooyi, Pepsi's Chairman and CEO said, "We are pleased with the broad-based volume and net revenue growth in the quarter. Growth in emerging markets was strong, driving attractive gains in Eastern Europe, Asia and the Middle East. Importantly, we had strong volume growth in both our Frito-Lay snacks and North American beverage businesses, with each up 2 percent on an organic basis over the prior year."
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