PepsiCo reported revenue of $18.09 billion versus the anticipated $17.23 billion. PEP shares haven’t been significantly affected.
PepsiCo Inc (NASDAQ: PEP), an American multinational food, snack and beverage corporation, the stock added 1.05% during Wednesday’s trading session to close the day at $138.60. PEP shares were trading around 1.52% up in regards to yesterday’s close. Today, PEP stock is slightly up, trading at $138.67. Meanwhile, PepsiCo revealed its Q3 report.
The tweak is largely attributed to the quarterly report released by the company, whereby its revenue grew by approximately 5.3%.
At the time of writing, PepsiCo had a market capitalization of around $189.92 billion, with 1.38 billion outstanding shares.
In regards to its past performance according to metrics provided by MarketWatch, PEP shares were up 1.41% year to date through Wednesday. In the past three months, they have jumped 4.33% and were up 5.33% in the last five days.
It is during the past five days that PEP shares have managed to trade above 200 moving average in the daily chart. Hereby, indicating a strong buy pressure that might see them revisit the ATH hit back in mid-February before the market crashed.
With markets slowly reopening globally, its sales are poised to rise and perhaps the figures might continue rising during the next quarterly report.
The company has managed to deliver positive results amid the global market disruption that has damaged a lot of businesses.
“Despite the ongoing volatility and complexity in our operating environment. I believe our third quarter performance reinforces the diversification of our portfolio, the resilience and agility of our teams across every continent and demonstrate our ability to support our customers and communities during their time of need while also delivering good results for our shareholders,” said Ramon Laguarta, Chairman and CEO PepsiCo.
PepsiCo Q3 Report
Notably, PepsiCo reported revenue of $18.09 billion versus the anticipated 17.23 billion. Its fiscal third-quarter net income was $2.29 billion, or $1.65 per share, up from $2.1 billion, or $1.49 per share, a year earlier.
In addition, PepsiCo’s Frito-Lay and Quaker Foods businesses reported organic revenue growth of 6%. Notably, its Quaker Foods’ pasta and macaroni and cheese dishes reported double-digit sales growth.
“Our reported revenue increased by 5.3%, while our reported earnings per share increased by 10%.” Laguarta indicated.
During its third quarter, PepsiCo organic revenue increased by 4.2%. The company spent $147 million this quarter on costs associated with the coronavirus pandemic, like more expensive labor and buying personal protective equipment.
During an interview with CNBC’s “Squawk on the Street” CFO Hugh Johnston said that the company is struggling to keep up with the demand for its new Cheetos macaroni and cheese.
“We’re trying to get capacity as quickly as we can — that’s how popular this is,” he indicated.
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