PepsiCo Beats the Street on Profit

PepsiCo Inc posted quarterly profit that was better than had been expected helped by better demand for its Frito-Lay snack food in North America and the sale of beverages across the Americas.

Frito-Lay revenue was up by 3.1% to end the quarter at $3.32 billion. At the same time, revenue from its beverage business, rose just marginally to $4.42 billion. Revenue in the beverage business has been hit by the decline over a long period in sales of soft drinks.

Hugh Johnson the PepsiCo CFO said that the Americas had done very well during the quarter and that Frito-Lay increased from the standpoint of volume.

Demand in Europe was weak where prices were raised by the company due to currency impacts, added Johnson.

The net revenue for PepsiCo fell 3.2% to just over $12.22 billion during the first three months of 2015. The company said the decline was attributed to the impact of a strong dollar and said that revenue was up 4.4% organically.

The company receives as much as 30% of overall revenue from outside the United States.

Rival soft drink maker Coca-Cola reported a revenue increase for the first time in its past 9 quarters earlier in the week helped by an increase of 6% in North America.

The U.S. dollar, which has increased by 8.5% against a host of major world currencies in 2015, will hurt revenue for 2015 by close to 10% and its earnings by 11%, said PepsiCo.

The company announced that a strong dollar would hurt its revenue and earnings for the full year by close to 7%.

PepsiCo attributable net income was $1.22 billion for the quarter ending March 21, but its per share earnings were up from 79 cents to 81 cents.

Excluding certain items, PepsiCo had earnings of 83 cents a share. Analysts were predicting profit would be 70 cents a share with revenue coming in at $12.17 billion.

PepsiCo has surpassed the profit estimates of Wall Street for 13 consecutive quarters including this most recent quarter.

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