US: PepsiCo reiterates full-year guidance

By just-drinks.com editorial team | 20 November 2008

PepsiCo has reaffirmed its full-year core EPS guidance for 2008.

The food and drinks giant, which last month confirmed it will cut 3,300 jobs, reiterated its targets for this year at the Morgan Stanley Global Consumer and Retail Conference today (20 November).

The company's full-year 2008 core EPS guidance excludes commodity mark-to-market impact, 'Productivity for Growth' costs and its share of The Pepsi Bottling Group's restructuring initiative and impairment charge announced by PBG earlier this week.

PBG's restructuring initiative and impairment charge is expected to have a $0.07 per share adverse impact on PepsiCo's full-year 2008 reported EPS but will not impact its full-year 2008 core EPS results, the company said.

In its third quarter results announcment, delivered in October, the company provided full year core EPS guidance of between $3.67 and $3.68. Also last month, PepsiCo said that it would "eliminate" 3,300 jobs from its global operations, as part of its 'Productivity for Growth' programme, designed to yield pre-tax savings of US$1.2bn over the next three years.

Sectors: Soft drinks, Water

Companies: PepsiCo, PBG