(New York) US food giant Pespsico saw its beverage sales in the US and Canada rebound in the third quarter after suffering from a decline in demand from the pandemic.
Posted Oct 1, 2020 at 10:58 AM
The Beverages North America division recorded a 6% increase in sales to $ 5.96 billion between early June and early September. In the previous quarter, sales decreased by 7%.
Snack sales remained strong, up 7% ($ 4.40 billion), driven by Lay's, Fritos, Doritos and Cheetos chips.
On the breakfast side, combined in the Quaker Foods division, sales were up 6% to $ 608 million.
Sales also increased in other regions of the world (Europe, Africa, Middle East, South Asia and the Pacific, Australia and New Zealand, China), except in Latin America, where they fell by 13%.
"Despite an environment that is still volatile and complex, I believe our performance in the third quarter reinforces the diversification of our portfolio and the resilience and agility of our teams across every continent," PepsiCo CEO Ramon Laguarta.
In total, the group posted sales of $ 18.09 billion, an increase of 3% over the same period last year and above analyst expectations.
Net income is $ 2.29 billion (+ 9% from last year). Reported per share and excluding special items, this represents $ 1.65 more than the market expected.
After suspending its forecast in April due to uncertainties created by the COVID-19 pandemic, PepsiCo resumed publication on Thursday.
The company expects organic sales growth of approximately 4% in 2020 and a slight decline in adjusted earnings per share to $ 5.50 from $ 5.53 in 2019.
On the New York Stock Exchange, PepsiCo lost at the start of the session 0.39%.