PepsiCo. (PEP) - Get PepsiCo Inc. Report posted stronger-than-expected first-quarter earnings Thursday as its Frito-Lay snacks division continued to power bottom line gains as millions remained working from home during the coronavirus pandemic.
PepsiCo said core earnings for the three months ended on March 20 were pegged at $1.21 per share, up 13% from the same period last year and well ahead of the Street consensus forecast of $1.12 per share. Group revenues, PepsiCo said, rose 6.8% to $14.82 billion, again topping analysts forecasts of a $14.65 billion tally.
"We are pleased with our results for the first quarter as we successfully overcame challenges related to difficult year-over-year comparisons, uneven recoveries across many of our international markets and weather-related business disruptions in the U.S.," said CEO Ramon Laguarta. "Our results are indicative of the strength and resilience of our highly dedicated employees, diversified portfolio, agile supply chain and go-to-market systems and strong marketplace execution. And we remain fully committed to executing against our key set of priorities to become a Faster, Stronger and Better organization and win in the marketplace.
"Following our first quarter results, we have greater confidence in delivering on our financial guidance for the full year," he added.
PepsiCo shares were marked 0.1% higher in early trading immediately following the earnings release to change hands at $142.20 each.
PepsiCo said revenues at its Frito-Lay division rose 4% from last year to $4.236 billion, while the topline at Quaker Foods jumped 2%. Beverages said were 4.9% higher at $5.074 billion, the company said.