PepsiCo earnings miss estimates as North American consumers tighten their budgets

PepsiCo on Thursday reported mixed quarterly results as the struggles of its North American food and beverage divisions offset strong international demand.

“However, results were tempered in the quarter as U.S. food and beverage category performance moderated with consumer budgets tightening due to rising inflationary pressures,” CEO Ramon Laguarta said in prepared remarks shared on the company’s website on Thursday.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earningsper share: $2.20 adjusted vs. $2.21 expected
• Revenue: $24.18 billion vs. $23.95 billion expected

Pepsi reported second-quarter net income attributable to the company of $2.98 billion, or $2.18 per share, up from $1.26 billion, or 92 cents per share, a year earlier.

Excluding restructuring and impairment charges and other items, the company earned $2.20 per share.

Net salesrose 6.4% to $24.18 billion. Organic revenue, which excludes acquisitions, divestitures and foreign currency, increased 2.4% in the quarter.