PepsiCo has on Tuesday reported a drop in second-quarter profit to $1.43 billion (£1.2bn), despite a 5.2 per cent rise in revenues in results that topped estimates as it contended with rising cost pressures.
The company reported net revenue of $20.22bn (+5.2%) for the second quarter of 2022, and updated its full-year outlook for organic revenue growth, saying that it could increase prices amid resilient demand for its sodas and snacks.
“We are pleased with our results for the second quarter as our business momentum continued despite ongoing macroeconomic and geopolitical volatility and higher levels of inflation across our markets,” said Ramon Laguarta, chairman and chief executive.
The company now expects to deliver 10 per cent organic revenue growth, as against their previous guidance of 8 per cent for fiscal year 2022.
“Our results are indicative of our highly dedicated employees, the strength and resilience of our categories, agile supply chain and go-to-market systems and strong marketplace execution,” Laguarta said.
“Given our year-to-date performance, we now expect our full-year organic revenue to increase 10 percent and we continue to expect core constant currency earnings per share to increase 8 per cent.”
