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Mar 23, 2024
PepsiCo Q1 2024 Earnings Report
PepsiCo reported mixed Q1 2024 results with strong international performance offset by challenges in North America.
Key Takeaways
PepsiCo's Q1 2024 showed resilience with net revenue growth of 2.3% and organic revenue growth of 2.7%, driven by international strength. EPS grew by 6% to $1.48, and core EPS reached $1.61. The company reaffirmed its 2024 financial guidance, expecting at least 4% organic revenue growth and at least 8% core constant currency EPS growth.
Net revenue grew by 2.3%, with a 0.5% negative impact from foreign exchange.
Organic revenue grew by 2.7%.
EPS increased by 6% to $1.48, while core EPS was $1.61.
Company reaffirms full-year guidance of at least 4% organic revenue growth and at least 8% core constant currency EPS growth.
PepsiCo
PepsiCo
PepsiCo Revenue by Segment
Revenue by Segment
Frito-Lay NA Revenue
CapyFin.comPBNA Revenue
CapyFin.comIB Franchise Revenue
CapyFin.comEurope, Middle East & Africa Revenue
CapyFin.comLatin America Foods Revenue
CapyFin.comAsia Pacific Foods Revenue
CapyFin.com Forward Guidance
PepsiCo expects at least 4 percent increase in organic revenue and at least 8 percent increase in core constant currency EPS for 2024. They also anticipate total cash returns to shareholders of approximately $8.2 billion, including dividends of $7.2 billion and share repurchases of $1.0 billion.
Positive Outlook
- At least 4 percent increase in organic revenue
- At least 8 percent increase in core constant currency EPS
- Core annual effective tax rate of 20 percent
- Total cash returns to shareholders of approximately $8.2 billion
- Dividends of $7.2 billion
Challenges Ahead
- Approximate 1-percentage-point foreign exchange translation headwind to impact reported net revenue
- Approximate 1-percentage-point foreign exchange translation headwind to impact core EPS growth
- Unpredictability of future changes in foreign exchange rates
- Unpredictability of future changes in commodity prices
- Unable to reconcile full year projected 2024 organic revenue growth to our full year projected 2024 reported net revenue growth
Revenue & Expenses
Visualization of income flow from segment revenue to net income