On Monday, PepsiCo announced its second fiscal quarter which ended on June 30. The results exceeded Wall Street expectations but were mixed. On the one hand, sales of food and snacks increased as consumers bought snacks for breakfast and home-made goods. On the other hand, sales of beverages decreased because large sales channels such as cafes, cinemas and gas stations suffered huge losses for most of the quarter.
In the second quarter, PepsiCo’s earnings per share fell 14% (compared to last year) to $1.32, but this is $ 0.07 higher than the analytical estimate of $1.25. Net income fell 20% to $1.65 billion driven by higher costs, including more than $400 million coronavirus pandemic costs.
PepsiCo’s 2nd quarter total revenue fell 3% to $15.95 billion but was also above the average analytical estimate of $15.34 billion.
Revenues from North America’s largest beverage division fell 7% as restaurants and other outlets remained closed and sporting events were postponed.
Among the snack segment, strong growth was shown not only by well-known brands of the company but also by new lines of healthy snacks such as the line of fruit chips Bare and Off The Eaten Path, as well as chips from black beans and chickpeas.
PepsiCo also noted that it’s finishing its merger with the energy drink maker Rockstar. The company plans to expand Rockstar distribution nationwide.
Due to the complexity of planning in an unstable environment during the pandemic, PepsiCo did not provide forecasts for the year but noted that trends and dynamics of many sales channels improved in May and June in both developed and emerging markets.
The company said it is going to pay $5.5 billion in dividends this year and buy back $2 billion in shares.
By the end of this year, the German airline Lufthansa intends to reduce its foreign staff by 20 thousand people, as well as sell its LSG division, which deals with on-board catering, which employs 7.5 thousand people. Lufthansa subsidiaries Eurowings, Swiss, Austrian and Brussels Airlines are reducing the frequency of flights, fleets and staff amid […]
Shares of General Motors, down by 3.7% since the beginning of the year, rose by 3.9% in trading after the company announced the results of the 3rd quarter, which ended on September 30. General Motors reported earnings per share increase of 65% to $ 2.83, which was higher than analysts expected $ 1.38. The amount […]
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According to Bloomberg, a source familiar with the situation, German manufacturer of sportswear and accessories Adidas AG is considering the possibility of selling its brand Reebok. “In the coming months, the company will decide whether to start the sale process,” the source said. According to the interlocutor of the agency, the internal assessment of sales […]
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