Pepsico (PEP) reported 1st Quarter March 2020 earnings of $1.07 per share on revenue of $13.9 billion. The consensus earnings estimate was $1.02 per share on revenue of $13.2 billion. The Earnings Whisper number was $1.06 per share. Revenue grew 7.7% on a year-over-year basis.
PepsiCo Inc is a food, snack and beverage company. It manufactures, markets,
distributes and sells convenient and enjoyable beverages, foods and snacks,
serving customers and consumers in more than 200 countries and territories.
PepsiCo Reports First-Quarter 2020 Results; Provides 2020
PURCHASE, N.Y. - April 28, 2020 - PepsiCo, Inc. (NASDAQ: PEP) today reported results for the
first quarter 2020 and provided a 2020 business update.
“Our sympathies go out to all affected by COVID-19 and we thank all those working to keep people
safe through this crisis. I also want to personally thank every one of our associates for their tireless
efforts to serve customers, consumers and communities with much needed food and beverages
during these uncertain times. And to support our communities, PepsiCo launched an initiative to
contribute more than $50 million focused on serving nutritious meals to people impacted by
COVID-19 and providing vital support such as protective gear for healthcare workers, as well as
testing and screening services. From community relief efforts to making, moving, and selling our
products, PepsiCo employees around the world overcame immense challenges and disruptions.
Our first quarter results reflect these efforts and the agility of our business which delivered high
single-digit net revenue growth,” said PepsiCo Chairman and CEO, Ramon Laguarta.
“This gives us confidence that the investments behind our Faster, Stronger and Better framework
are working - as we invest in our brands, supply chain and go-to-market systems, manufacturing capacity, capabilities and culture, and our society by integrating purpose into everything we do.
I am also pleased to announce that we closed our highly strategic acquisition of Rockstar Energy
Beverages and have entered into a national agreement to be the exclusive distributor of Bang
Energy drinks in the United States. Together, these brands coupled with Mountain Dew, position
PepsiCo to better participate and capture its fair share within an attractive and highly profitable
Despite a strong first quarter, there is still a great deal of uncertainty that exists in relation to
COVID-19, including how geographies, retail channels and consumer behaviors will evolve over
time. Due to this uncertainty, the Company's previous financial outlook regarding fiscal year 2020
is no longer applicable. However, with a strong balance sheet, highly cash generative business
and ample liquidity, we believe we have adequate flexibility to meet the needs of our business and
return cash to shareholders.
With a strong portfolio of brands in attractive categories, an agile supply chain and flexible go-tomarket systems, we are successfully managing through the complexities of today and building
competitive advantages to emerge an even stronger company in the future.”
For the full press release, please go here