Pepsi Reports $2.01B Net Profit, Beating Expectations
Originally published at www.seclive.com
PepsiCo (PEP) reported profits that exceeded analyst expectations, with $2.01B net profit, an increase from $1.49B this quarter last year. Pepsi shareholders earned $1.28 per share, a $0.34 jump from a year ago of $0.94 earnings per share. Pepsi, which markets and owns brands like Gatorade, Quaker, Frito-Lay, and Tropicana, stated that higher prices overall helped boost the company's revenue this quarter as it also saw a 2% volume increase in its Americas food division. Rumors have been circulating about a possible purchase of Mondelez International (MDLZ), the maker of Oreo, after an activist shareholder pushed the company to consider the purchase. PepsiCo CFO Hugh Johnston defended the company's current position by stating the company has a product portfolio that works and that it does not want to go through the process of a complex, $80B acquisition.
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