PepsiCo (PEP) Tops Q2 EPS by 12c; Revenues Beat; Raises Revenue Outlook

PepsiCo (NASDAQ: PEP) reported Q2 EPS of $1.86, $0.12 better than the analyst estimate of $1.74. Revenue for the quarter came in at $20.23 billion versus the consensus estimate of $19.51 billion.

GUIDANCE:

PepsiCo sees FY2022 EPS of $6.63, versus the consensus of $6.66. The Company now expects to deliver 10 percent organic revenue growth (versus our previous guidance of 8 percent) for fiscal year 2022.

Consistent with its previous guidance for 2022, the Company continues to expect:
•An 8 percent increase in core constant currency EPS;
•A core annual effective tax rate of 20 percent; and
•Total cash returns to shareholders of approximately $7.7 billion, comprised of dividends of $6.2 billion and share repurchases of $1.5 billion.
In addition, the Company continues to expect a 2-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth based on current market consensus rates.
This assumption and the guidance above imply 2022 core EPS of $6.63, a 6 percent increase compared to 2021 core EPS of $6.26.

For earnings history and earnings-related data on PepsiCo (PEP) click here.

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