US: PepsiCo looks to hike prices - CEO
PepsiCo is looking to make price increases where possible going forward. The company's chairman and chief executive, Steve Reinemund, said that PepsiCo will look to make 'tactical pricing actions' when it can.
PepsiCo, like many other food and beverage companies, is suffering from higher costs for commodities such as cooking oil and energy, Reinemund said during a conference call yesterday.
PepsiCo is looking to see where it can raise prices to offset these costs while still maintaining volume growth, Reinemund said.
PepsiCo said yesterday that it had delivered double-digit earnings per share growth of 12%, to $0.61, in the second quarter. Revenues grew 8% to US$7.1 bln, as the company benefited from volume growth, positive price/mix, and net favourable foreign exchange. Year to date, earnings per share were up 13% to US$1.07, and revenues were up over 9%.
Of the Q2 figures, Reinemund said: "I am pleased with our performance this year. The PepsiCo portfolio continues to deliver very strong top and bottom line results."
Sectors: Soft drinks
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