PepsiCo's stock gains after company's earnings, revenue rise above expectations
Shares of PepsiCo Inc. PEP, -0.35% rose 0.7% in premarket trading Tuesday, after the beverage and snack giant reported a fiscal second-quarter profit and revenue that topped expectations, and affirmed its full-year outlook. Net income for the quarter to June 15 rose to $2.04 billion, or $1.44 a share, from $1.82 billion, or $1.28 a share, in the year-ago period. Excluding non-recurring items, core earnings per share came to $1.54, compared with the FactSet consensus of $1.50.
Within its business segments, North America beverages revenue grew 2.5% to $5.32 billion, just above the FactSet consensus of $5.31 billion; Frito-Lay North America revenue rose 4.5% to $4.01 billion to top expectations of $3.99 billion; and Quaker Foods North America revenue increased 2.5% to $540 million, just shy of expectations of $540.5 million. For fiscal 2019, the company said it continues to expects organic revenue growth to be about 4% and core EPS of $5.50. The stock has rallied 8.
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