PepsiCo Q1 profit boosted by international performance

23rd Apr 2024 11:55

(Sharecast News) - US soft drinks and snack firm PepsiCo reported a rise in first-quarter earnings and sales on Tuesday, underpinned by a strong international performance.

Net income attributable to PepsiCo came in at $2.04bn or $1.48 per share, versus $1.93bn or $1.40 in the same period a year earlier.

Meanwhile, net revenue ticked up 2.3% to $18.3bn.

Chairman and chief executive Ramon Laguarta said: "During the first quarter, our businesses remained agile and performed well, with a strong performance from our international business.

"We delivered a sequential improvement in our volume trends, and year-over-year growth in our net revenue, operating profit margin and EPS - despite the impact of certain product recalls at Quaker Foods North America and a difficult net revenue growth comparison from the prior year."

The company backed its guidance for 2024. It continues to expect to deliver at least 4% organic revenue growth and at least 8% core constant currency earnings per share growth.