PepsiCo, Inc. today reported results for the third quarter of 2020.
PepsiCo reported a 5.3% year-on-year rise in net revenue for its third-quarter results, reflecting the continued strength of its snack and food business and the significant improvement of its global beverage business.
The company posted net revenues of $18.09 billion in the third quarter ended 5 September, up from $17.19 billion last year.
“Despite the ongoing volatility and complexity in our operating environment, I believe our third quarter performance reinforces the diversification of our portfolio, the resilience and agility of our teams across every continent and demonstrates our ability to support our customers and communities during their time of need while also delivering good results for our shareholders,” said Chairman and CEO Ramon Laguarta.
“Our reported revenue increased by 5.3 per cent, while our reported earnings per share increased by 10 per cent. Organic revenue increased 4.2 per cent and core constant currency earnings per share increased 9 per cent. These results reflect the continued strength of our global snacks and food business and a significant improvement in our global beverage business.
As the environment continues to evolve, we remain committed to executing on our strategy to become Faster, Stronger and Better and win in the marketplace. Given our year-to-date business performance and based on what we can reasonably predict at this time, we are providing an update to our full-year 2020 guidance and now expect to deliver approximately 4 per cent organic revenue growth and approximately $5.50 in core earnings per share.”