PepsiCo (NASDAQ: PEP) reported Q1 EPS of $1.29, $0.06 better than the analyst estimate of $1.23. Revenue for the quarter came in at $16.2 billion versus the consensus estimate of $15.53 billion.

GUIDANCE:

PepsiCo sees FY2022 EPS of $6.63, versus the consensus of $6.65.

• The Company provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and commodity mark-to-market net impacts.
• The Company now expects to deliver 8 percent organic revenue growth (versus our previous guidance of 6 percent) for fiscal year 2022.
• Consistent with its previous guidance for 2022, the Company continues to expect:
• •An 8 percent increase in core constant currency EPS;
• •A core annual effective tax rate of 20 percent; and
• •Total cash returns to shareholders of approximately $7.7 billion, comprised of dividends of $6.2 billion and share repurchases of $1.5 billion.
• In addition, the Company now expects a 2-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth based on current market consensus rates.
• This assumption and the guidance above now imply 2022 core EPS of $6.63, a 6 percent increase compared to 2021 core EPS of $6.26.
  

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