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PepsiCo Stays the Course with Solid Q1 2024 Performance and Reaffirms Full-Year Guidance
PURCHASE, N.Y. — April 23, 2024 — PepsiCo, Inc. (NASDAQ: PEP) today announced its financial results for the first quarter of 2024, demonstrating steady growth and resilience in a fluctuating market environment. The company confirmed its commitment to delivering strong financial outcomes for the full year, aligning with previous projections.
Q1 2024 Financial Highlights
PepsiCo reported a 2.3% increase in net revenue growth for the first quarter, slightly affected by a 0.5% negative impact from foreign exchange rates. Despite these challenges, the company managed a 6% increase in earnings per share (EPS), which rose to $1.48.
On an organic basis, PepsiCo experienced a 2.7% revenue growth and a core EPS of $1.61. Adjusted for constant currency fluctuations, the core EPS growth reached 7%, showcasing the company’s ability to generate earnings momentum amidst market variability.
Segment Performance Overview
Performance varied across PepsiCo’s diverse portfolio:
- Frito-Lay North America saw stable performance with a 2% growth.
- Quaker Foods North America faced a significant 24% decline, largely due to product recalls affecting certain bars and cereals.
- PepsiCo Beverages North America posted a modest 1% increase.
- International Markets showed strong performance, particularly in Latin America with a 16% revenue increase and Europe at 3%, adjusting for foreign exchange impacts and achieving double-digit growth.
Operating profits reflected these mixed results, with standout growth in Europe and Latin America, offset by declines in Quaker Foods North America due to the aforementioned recalls.
Strategic Focus and Future Outlook
Chairman and CEO Ramon Laguarta emphasized the agility and strong performance of PepsiCo's international business. He highlighted the company's ongoing efforts to execute effectively in the market, deliver value through tasty and convenient products, and enhance productivity to fuel investment in brands and capabilities.
For 2024, PepsiCo remains positive, expecting at least 4% organic revenue growth and at least 8% growth in core constant currency EPS. The company also anticipates continuing its legacy of shareholder returns with a projected total cash return of approximately $8.2 billion, including $7.2 billion in dividends and $1.0 billion in share repurchases.
Dividend Increase and Continued Commitment
A notable aspect of PepsiCo’s shareholder return strategy is the 7% annualized increase in dividends scheduled to begin with the June 2024 payment, marking the 52nd consecutive year of dividend increases. This move reflects PepsiCo's strong cash flow generation and its commitment to delivering shareholder value.
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