Pepsico: A notable level of resiliency in our global snacks and foods business
Core organic revenue declined 0.3%
PepsiCo, Inc. (PEP) announced, for fiscal 2020, the company continues to expect: a core effective tax rate of approximately 21 percent; and total cash returns to shareholders of approximately $7.5 billion, comprised of dividends of $5.5 billion and share repurchases of $2 billion. The company now expects a 3 percentage-point foreign exchange translation headwind to negatively impact reported net revenue and core earnings per share performance based on current market consensus rates.
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For the second quarter 2020, core earnings per share was $1.32 compared to $1.54, a year ago. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $1.25 for the quarter. Analysts' estimates typically exclude special items.
Second quarter net revenue was $15.95 billion compared to $16.45 billion, previous year. Core organic revenue declined 0.3%. Analysts expected revenue of $15.38 billion, for the quarter.
PepsiCo CEO, Ramon Laguarta, said: "Despite being faced with significant challenges and complexities as a result of the COVID-19 pandemic, our businesses performed relatively well during the quarter, with a notable level of resiliency in our global snacks and foods business." (dpa)
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