Purchase, NY-based PepsiCo (Nasdaq: PEP) on Thursday reported strong earnings for its first 2021 quarter. CNBC commented that Pepsi beat analyst’s estimates even as the company saw uneven recoveries in its international markets.
PepsiCo Q1 highlights:
Net revenue growth rose 6.8%
Foreign exchange impact on net revenue was 0.5%
Earnings per share were $1.24
EPS changed 29%
Pepsi reported fiscal first-quarter net income of $1.71 billion, or $1.24 per share, up from $1.34 billion, or 96 cents per share, a year earlier.
The company’s net sales increased 6.8% to $14.82 billion. Organic revenue, which strips out the impact of foreign currency, acquisitions and divestitures, grew by 2.4% in the quarter as consumers maintained their COVID pandemic snacking habits.
Frito-Lay North America’s organic revenue Rose 3%. Doritos 3D Crunch and Cheetos Crunch Pop Mix, among other new products, stimulated more snack consumption. February’s winter storms, however, did hurt the segment’s profits.
Pepsi’s North American beverage business saw organic revenue growth of 2%. Starbucks RTD coffees and Bubly sparkling water enjoyed double-digit revenue growth. Rockstar, which Pepsi bought in 2020 for $3.85 billion, also registered positive sales growth following a brand boost earlier this year.
“We are pleased with our results for the first quarter as we successfully overcame challenges related to difficult year-over-year comparisons, uneven recoveries across many of our international markets and weather-related business disruptions in the U.S.,” said chief executive and chairman Ramon Laguarta.
Click here to see PepsiCo’s entire first-quarter announcement.