US: PepsiCo net profits go flat in H1
- First-half net profits flat at US$3.03bn
- Operating profits increase by 36%
- Sales climb by 19% in the period
- Targets high single-digit EPS for FY
PepsiCo saw its Q2 net profits rise, but are flat for the year so far
PepsiCo's profits have come in flat for the first half of its fiscal year, despite top-line gains across its worldwide snacks and beverage businesses.
The company announced earlier this morning (21 July) that net profits in the six months to 11 June came in at US$3.03bn. Operating profits, leapt by 36% to reach $4.48bn, while sales in the period rose by 19% to $28.76bn.
For the second quarter, net profits increased by 18% to $1.88bn, while operating profits reached $2.75bn, a 12% lift on the prior-year period. Sales in the three-month period rose by 14% to $16.83bn.
“Our global portfolio in both snacks and beverages is growing volume and net revenue, our global snacks portfolio, in particular, posted another strong quarter with balanced top- and bottom-line growth, and we continue to enjoy robust top-line growth in key emerging markets,” said PepsiCo's chairman and CEO Indra Nooyi. “While we are satisfied with the performance of our portfolio overall, the consumer in developed markets continues to be stressed, and the competitive environment in North America beverages has been particularly challenging.”
For the full year, the company is targeting high single-digit EPS growth.
Click here to view the earnings release.
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