PepsiCo reported better-than-expected revenue in the first quarter on strong international demand for its snacks and beverages. The Purchase, New York-based company said revenue rose 2% to $18.3 billion for the January-April period. That was higher than the $18 billion Wall Street forecast, according to analysts polled by FactSet. Pepsi reaffirmed its financial guidance for 2024, including organic revenue growth of 4%. The company has said it expects to return to more normal rates of growth this year after several years of inflation-driven price increases. That may have disappointed investors who have grown used to stronger growth at PepsiCo. Last year organic revenue grew 9.5%, for example. PepsiCo’s shares fell more than 2.5% in morning trading Tuesday. In North America Frito-Lay revenue rose 2% while Pepsi beverage sales were up 1%. Sales were hurt by a recall early in the quarter of Quaker Oats cereal, bars and snacks because of potential contamination with salmonella. Quaker Foods sales dropped 24% during the quarter. |
Central Committee revised regulations on inspection workAntique book archive inaugurated in BeijingConsumption expo in Hainan expected to bolster growthXi Extends Condolences to Putin over Deadly Moscow Concert Hall Terror AttackAcross China: Chinese people pay tributes to legendary ancestorXi Presents Order to Promote Military Officers to Rank of GeneralXi says ready to join president of the Republic of the Congo for stronger strategic partnershipDomestic brands shine at 4th CICPE in S China's HainanChinese FM mourns passing of renowned Japanese conductor Seiji OzawaFrench President Macron meets visiting Chinese Foreign Minister Wang Yi