Pepsico, Inc. (NASDAQ:PEP) came out with its second quarter earnings results on Monday 13th July 2020 before market open.
The food and beverage giant, reported $ 1.18 net income per share for the quarter, dropped 18.06 percent compared with the same quarter last year.
On adjusted basis, Pepsico, Inc. reported income for the quarter of $ 1.32 per share, beat the consensus estimate of $ 1.25 income per share by $ 0.07 or 5.60 percent.
The firm had revenue of $ 15,945.00 million for the quarter, compared to the consensus estimate of $ 15375.20 million. The revenues topped analysts estimates by $ 569.80 million or 3.71 percent.
The financial report showed revenues declined 3.06 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
PepsiCo Chairman and 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. Encouragingly, as restrictions and closures eased and population mobility improved as the quarter progressed, we also saw an improvement in our business performance and channel mix dynamics. However, the environment has remained volatile and much uncertainty remains about the duration and long-term implications of the pandemic.
