PepsiCo beats Q3 estimates, cuts profit outlook
PepsiCo beat Wall Street estimates for the third quarter, but cut its full-year profit outlook. The company is facing pressure in North America.
Core earnings came in at $2.34 per share, above the expected $2.30. Revenue rose 5.6% to $25.27 billion, beating the $24.95 billion forecast. Profit for the quarter was $3.05 billion.
But the company lowered its full-year guidance. It now expects core constant-currency earnings growth of just 1% to 2%. That is down from an earlier forecast of 4% to 6% growth.
CEO Ramon Laguarta said the North America business was “below our expectations.” Margins in the region are under pressure. The company also sees a weaker fourth quarter ahead.
International markets did better. Sales grew in many regions outside the US.
PepsiCo shares fell after the update. Investors were disappointed by the weaker outlook even as the quarter’s numbers were strong.
The company is working on a turnaround plan for its US snacks and drinks business.
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