EmailStory Stocks®
Archive
Last Update: 12-Oct-11 09:26 ET
PepsiCo Beats Third Quarter Expectations
PepsiCo (PEP $60.95) reported third quarter earnings of $1.31 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $1.29.
Revenues rose 13.3% year/year to $17.58 billion versus the $17.15 bln consensus, reflecting the benefits of volume growth, effective net pricing and favorable foreign exchange.
Reported net revenue grew 33 percent in emerging markets. Excluding the WBD acquisition, net revenue grew 9% worldwide and 18% in emerging markets. Worldwide snacks volume increased 8% reflecting broad-based gains in the snacks portfolio and the impact of the WBD acquisition.
Excluding the impact of the WBD acquisition, snacks volume grew 3%. Worldwide beverage volume increased 4%, including a 3-percentage-point impact from the WBD acquisition. Volume performance was led by growth in emerging markets, where organic volume increased 8% in snacks and 3% in beverages.
The company reaffirmed its target for high-single-digit EPS growth (consensus +6.9%) on a core, 52-week basis, including an estimated foreign exchange translation benefit of ~1 percentage point (down from 2 % pts), from its fiscal 2010 core EPS of $4.13.
Revenues rose 13.3% year/year to $17.58 billion versus the $17.15 bln consensus, reflecting the benefits of volume growth, effective net pricing and favorable foreign exchange.
Reported net revenue grew 33 percent in emerging markets. Excluding the WBD acquisition, net revenue grew 9% worldwide and 18% in emerging markets. Worldwide snacks volume increased 8% reflecting broad-based gains in the snacks portfolio and the impact of the WBD acquisition.
Excluding the impact of the WBD acquisition, snacks volume grew 3%. Worldwide beverage volume increased 4%, including a 3-percentage-point impact from the WBD acquisition. Volume performance was led by growth in emerging markets, where organic volume increased 8% in snacks and 3% in beverages.
The company reaffirmed its target for high-single-digit EPS growth (consensus +6.9%) on a core, 52-week basis, including an estimated foreign exchange translation benefit of ~1 percentage point (down from 2 % pts), from its fiscal 2010 core EPS of $4.13.
