PepsiCo raises EPS and net income in Q1 2024 financial results

Beverage behemoth PepsiCo on April 23rd reported a rise in net income and operating profits as earnings rose compared to the previous quarter.

Net income for the quarter stood at $2.04 billion, compared with Q1 of 2023's net income of $1.94 billion.

Revenue for Q1 was reported at $18.25 billion meaning that, net revenue growth was up 2.3% during the quarter.

Organic revenue growth was up 2.7% as well.

Meanwhile, earnings per share (EPS) for the company were $1.48, with a core EPS of $1.61 and a core constant currency EPS change of 7%, according to the company.

Expectations

Generally, the results were well above forecasts and analysts' expectations for the earnings.

Prior to the results announcement, analysts expected PepsiCo to report a profit of $2.08 billion for this quarter, up year-on-year from Q1 2023.

Revenue was expected to be around $18.10 billion, below today's results.

Analysts also broadly earnings to be approximately $1.52 per share, slightly up from $1.50 in the first quarter of 2023. 

2024 guidance

In the company’s previous earnings press release, PepsiCo CEP Ramon LaGuarta supplied a roadmap of how to expect Pepsi’s earnings to pan out in the 2024 year - which he stuck to with the same figures in today's announcement:

Previous results

The results compared favourably with its former results, the Q4 earnings reported in January 2024. 

The company’s revenue disappointed last quarter at $27.85 billion, plus net sales fell a marginal 0.5% in the fourth quarter, with the company’s net income coming in at $1.3 billion.

The company’s Q4 EPS was $1.78, above expectations.