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Business

PepsiCo stock rises after strong third-quarter earnings

By
Jill Goldsmith
Published Oct. 3, 2019, 12:51 p.m. ET

Drinks and snacks giant PepsiCo posted strong third-quarter earnings driven by Frito Lay North American and strong overseas sales.

Revenue nosed higher to $17.1 billion from $16.9 billion and organic revenue, a key metric for the company, rose 4.3 percent. Core earnings came in at $1.56 a share versus $1.50 the year earlier.

The Purchase-N.Y.-based company’s stock rose Thursday on the news, up by nearly 4 percent in early trading.

Chief Executive Officer Ramon Laguarta, who took the helm last October, said in a statement the solid numbers will allow PepsiCo to meet or exceed its full-year organic revenue growth target of 4 percent for the full year.

PepsiCo’s Frito-Lay North America division saw revenue pop 5 percent. The North American beverage business grew sales by 3 percent.

Sales in Latin America were up 4 percent. AMENA (African, the Middle East, Asia and Australasia) saw a 9 percent surge.

Laguarta said PepsiCo is “making good progress” against strategic priorities and investment in brands and manufacturing capacity to propel future growth.

Advertising and marketing spend grew 12% so far this year as the company pushed its trademark colas, Mountain Dew and Gatorade drinks, including a campaign centering around the National Football League’s 100th anniversary, Reuters reported.

It has partnered with celebrities like model Chrissy Teigen and ramped up manufacturing capacity for smaller cans to drive demand for sodas.