US: PepsiCo reports increase in second quarter earnings
PepsiCo published results calculated on a comparable basis, taking into account the adoption of an accounting change and the consolidation of a European snack joint venture. The comparable results also exclude Quaker merger-related costs and other impairment and restructuring charges.
On a reported basis, the group's earnings for the second quarter were $888m, or 49 cents per share, up from $798m, or 44 cents per share, a year ago. The group re-affirmed its earnings per share growth target for the full year of 13% to 14%.
Net revenues rose by 2% to $6.2 billion But PepsiCo said that on a currency neutral basis, revenue growth was 3%. Total volumes for Gatorade/Tropicana North America for the second quarter of 2002 increased by 5%, PepsiCo said, reflecting strong 12% volume growth for Gatorade. That growth was offset by a decline in Tropicana's volumes of 3%.
PepsiCo said that volumes of its total North American beverage businesses grew by more than 3% when calculated on a basis which would be comparable with its chief rival, Coca-Cola. The company recently announced the consolidation of all its North American beverage operations which in addition to other benefits, the group said, would make future comparison with Coca-Cola easier.
"We're pleased to have delivered very strong operating profit and earnings per share growth," said PepsiCo chairman and CEO, Steve Reinemund. "Our margins expanded as a result of synergies from our merger with Quaker, as well as strong productivity across our divisions. We increased our market share across our key US businesses, and our cash flow was extremely healthy."
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