PepsiCo Posts 13% Earnings Growth in Q1

21 April 2003

PepsiCo on Friday joined fellow US corporate barometers Coca-Cola and Ford in posting sparkling Q1 results [WAMN: 18-Apr-03] with net earnings thirteen percent up – well ahead of analysts’ consensus forecasts.

The sole cloud on the horizon hung over the Pepsi and Mountain Dew brands, which jointly dragged North American carbonated drink volumes down by 2%, a lackluster performance all the more disappointing in view of heavy promotional effort and the launch of new flavoured drinks.

PepsiCo’s snacks unit, strengthened by the acquisition of Quaker Oats and Gatorade sports drink, did well. As did Quaker foods division in North America where Q1 volume rose 5%.

First quarter net income was $777 million (€714.02m; £493.54m), or 45 cents per share, compared year-on-year to $689m (38 cents). EPS also bettered Wall Street expectations of 42 cents. Revenues increased 5% to $5.5 billion.

Data sourced from: Multiple origins; additional content by WARC staff