• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

PepsiCo cuts annual sales forecast on demand worries

by October 8, 2024
written by October 8, 2024

(Reuters) – PepsiCo (NASDAQ:PEP) posted a surprise drop in third-quarter revenue on Tuesday and cut its forecast for annual sales growth, as it deals with cautious consumer spending in North America and fallout from the recall of Quaker Foods products.

The packaged food giant expects fiscal 2024 organic sales to grow in a low single-digit range. It had previously forecast a 4% rise.

Quarterly revenue was hurt by subdued trends in North America, the impact from Quaker recalls earlier this year and business disruptions due to rising geopolitical tensions in certain international markets, CEO Ramon Laguarta said.

Organic revenue in Quaker Foods North America segment slumped 13% during the quarter, following an 18% decline in the second quarter.

However, price increases and measures to drive efficiencies across its operations helped drive a 111 basis point (bps) growth in margins.

It also earned $2.31 per share on an adjusted basis, beating estimates of $2.29 per share, according to data compiled by LSEG.

“We continue to expect to deliver at least 8 percent core constant currency EPS growth as we will focus on tightly managing our costs to better align with the subdued growth environment that we are currently operating in,” Laguarta added.

Net revenue fell 0.6% to $23.32 billion in the quarter ended Sept. 7 from $23.45 billion last year. Analysts estimated a 1.3% jump to $23.76 billion.

Shares of the company fell about 1% in premarket trading.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Lyft announces measures to improve driver pay
next post
Porsche to recall over 27,000 EVs in US over battery short circuit risk

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

      August 9, 2025
    • Lawsuit accuses Apple of stealing trade secrets to create Apple Pay

      August 9, 2025
    • Trump demands resignation of Intel CEO over alleged China ties

      August 7, 2025
    • Claire’s, known for piercing millions of teens’ ears, files for Chapter 11

      August 7, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (592)
    • Stock (6,426)

    Latest News

    • Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more
    • Lawsuit accuses Apple of stealing trade secrets to create Apple Pay

    Popular News

    • Trump flies on Air Force plane to Washington as Biden sticks to tradition
    • Point72’s new AI fund near $1.5 billion after double-digit returns, sources say

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy