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PepsiCo (PEP) Tops Q1 EPS by 4c, Revenues Beat; Guidance 'No Longer Applicable'

April 28, 2020 6:17 AM

PepsiCo (NASDAQ: PEP) reported Q1 EPS of $1.07, $0.04 better than the analyst estimate of $1.03. Revenue for the quarter came in at $13.88 billion versus the consensus estimate of $13.19 billion.

Guidance and Outlook

Given the uncertainties associated with the magnitude and duration of the COVID-19 pandemic on our business, the Company’s previous financial outlook regarding fiscal year 2020 is no longer applicable.

However, the Company continues to expect:

• A core effective tax rate of approximately 21 percent; and

• Total cash returns to shareholders of approximately $7.5 billion, comprised of dividends of $5.5 billion and share repurchases of $2 billion.

In addition, the Company now expects a 3 to 4 percentage-point foreign exchange translation headwind to negatively impact reported net revenue and core EPS performance based on current market consensus rates.

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Earnings Guidance