(Bloomberg) — PepsiCo Inc. reported stronger-than-expected sales and earnings in the second quarter as consumers kept stocking up on snack foods during the Covid-19 pandemic, sending the shares higher.The owner of the Mountain Dew and Doritos brands reported revenue of $16 billion in the three months ended June 13. Analysts’ average estimate was $15.4 billion. Earnings per share beat the highest estimate.As one of the first big packaged-food companies reporting results for the spring months, PepsiCo is being closely watched by investors for a look at how consumers are responding to 2020’s upheaval. The company is well-positioned because of its high global share of the market for snack foods, according to Bloomberg Intelligence.PepsiCo shares rose as much as 3.3% in early U.S. trading. The stock was little changed this year through Friday.Organic sales, a closely watched indicator that strips out variables like currency volatility, fell 0.3%, though PepsiCo said the performance gradually improved during the quarter.The company said it still won’t make an outlook for 2020.(Updates with share move in first paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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