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PepsiCo reports first-quarter 2024 results; affirms 2024 financial guidance
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Saturday, 27 April, 2024, 08 : 00 AM [IST]
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Purchase, New York
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PepsiCo, Inc., reported results for the first quarter 2024. “During the first quarter, our businesses remained agile and performed well, with a strong performance from our international business. We delivered a sequential improvement in our volume trends, and year-over-year growth in our net revenue, operating profit margin and EPS – despite the impact of certain product recalls at Quaker Foods North America and a difficult net revenue growth comparison from the prior year,” said Ramon Laguarta, chairman and CEO.
Laguarta continued, “As we look ahead, we will continue to focus our efforts on executing well in the marketplace and delivering great-tasting products that offer convenience and good value to the consumer. We will also continue to elevate and accelerate our productivity initiatives to support continued investments in our brands, capabilities and pep+ initiatives. As a result, we continue to expect to deliver at least 4 percent organic revenue growth and at least 8 percent core constant currency EPS growth in 2024. In addition, our previously announced 7 percent annualized dividend increase is expected to begin with our June 2024 payment and will represent our 52nd consecutive annual increase.”
The company provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and commodity mark-to-market net impacts.
Consistent with its previous guidance for 2024, the Company continues to expect: At least 4 percent increase in organic revenue; At least 8 percent increase in core constant currency EPS; A core annual effective tax rate of 20 percent; and Total cash returns to shareholders of approximately $8.2 billion, comprised of dividends of $7.2 billion and share repurchases of $1.0 billion.
In addition, the company continues to expect an approximate 1-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth based on current market consensus rates. This assumption and the guidance above imply 2024 core EPS of at least $8.15, a 7 percent increase compared to 2023 core EPS of $7.62.
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