PepsiCo Inc

PEP: XNAS (USA)

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PepsiCo Earnings: Affordability and Brand Investments in Focus to Revive Food and Beverage Volume

Dan Su

Oct 9, 2024

We plan to trim our $176 fair value estimate for wide-moat PepsiCo by a low-single-digit percentage after digesting its sluggish third-quarter results. The impact of US consumers tightening their belts and raging geopolitical tensions in the Middle East was evident on the top line with organic sales growth slowing to 1% on a low-single-digit volume decline. But the firm eked out a 5% increase in constant-currency core EPS on tight cost controls.

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PepsiCo Inc

PepsiCo Earnings: Affordability and Brand Investments in Focus to Revive Food and Beverage Volume

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