PepsiCo Reports Profit, Revenue Growth on Strong Snack Sales
October 01 2020 - 6:51AM
Dow Jones News
By Matt Grossman
PepsiCo Inc. Thursday posted higher revenue and net earnings for
the latest quarter year over year, as higher sales from its North
American snack divisions and its African and Asia-Pacific
operations boosted the company's results as the coronavirus
pandemic continued.
The Purchase, N.Y.-based drink and snack maker logged a
third-quarter profit of $2.29 billion, or $1.65 a share, compared
with a profit of $2.1 billion, or $1.49 a share, in the same
three-month period a year earlier.
On an adjusted basis, PepsiCo's profit was $1.66 a share.
Analysts surveyed by FactSet had forecast an adjusted profit of
$1.49 a share.
Revenue was $18.09 billion, up 5.3% from $17.19 billion in last
year's third quarter. Analysts had expected revenue of $17.21
billion.
Revenue from PepsiCo's Africa, Middle East and South Asia region
grew 31% year over year, while revenue from its Asia Pacific,
Australia and New Zealand and China region was up 15%.
Revenue from PepsiCo's Frito-Lay, Quaker Foods and PepsiCo
Beverages divisions in North America all rose by rates in the
middle single digits.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 01, 2020 06:36 ET (10:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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