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PepsiCo (PEP) Tops Q4 EPS by 6c; offers guidance & outlook

February 9, 2024 6:12 AM

PepsiCo (NASDAQ: PEP) reported Q4 EPS of $1.78, $0.06 better than the analyst estimate of $1.72. Revenue for the quarter came in at $27.85 billion versus the consensus estimate of $28.38 billion.

GUIDANCE:
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.
For 2024, the Company now expects:
• At least 4 percent increase in organic revenue;
• At least 8 percent increase in core constant currency EPS;
In addition, the Company expects:
• A core annual effective tax rate of 20 percent; and
• Total cash returns to shareholders of approximately $8.2 billion, comprised of dividends of $7.2 billion and share repurchases of $1.0 billion.
In addition, the Company expects an approximate 1-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 imply 2024 core EPS of at least $8.15, a 7 percent increase compared to 2023 core EPS of $7.62.

For earnings history and earnings-related data on PepsiCo (PEP) click here.

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