PepsiCo on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations, capping Indra Nooyi’s last day as CEO.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Thomson Reuters:
- Adjusted earnings per share: $1.59, vs. $1.57 expected
- Revenue: $16.49 billion vs. $16.36 billion expected
Pepsi reported fiscal third-quarter net income of $2.49 billion, or $1.75 per share, 16 percent up from $2.14 billion, or $1.48 per share a year earlier.
Excluding items, PepsiCo earned $1.59 per share, beating the $1.57 per share expected by analysts surveyed by Thomson Reuters.
Net sales rose 1.5 percent to $16.49 billion, beating expectations of $16.36 billion.
The earnings mark the first sinceNooyi announced plans to step down in August, topping her 12-year tenure as CEO. Nooyi’s planned resignation sparked speculation the company might split its beverage and snack business, a move Nooyi has fiercely resisted.
PepsiCo’s North American beverage business, which includes Gatorade and its namesake cola, has fallen as sales of carbonated drinks slow and upstart brands eat into the market share of its non-cola drinks.
To help regain share from rival Coca-Cola., PepsiCo has said it it is doubling-down on marketing spend for its Gatorade, Pepsi and Mountain Dew brands.
Meantime, it continues to invest in the beverage business, announcing in August plans to buy at-home carbonated drink maker SodaStream for $3.2 billion.
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