New York, Jul 17 (AP) PepsiCo reported better-than-expected earnings and revenue in the second quarter despite sluggish North American sales.
Sales of Frito-Lay and other snacks fell 1 per cent in North America during the April-June period, PepsiCo said Thursday, while beverage sales were down 2 per cent in the region. But sales rose in some other regions, including Latin America and Asia.
Revenue rose less than 1per cent to USD 22.7 billion in the April-June period. That was higher than the USD 22.3 billion Wall Street forecast, according to analysts polled by FactSet.
PepsiCo's net income fell 59 per cent to USD 1.3 billion. Adjusted for one-time items, PepsiCo earned USD 2.12 per share. That was also higher than the USD 2.03 that analysts forecast.
PepsiCo shares rose more than 2 per cent in premarket trading on Thursday.
PepsiCo lowered its full-year earnings expectations in April, citing increased costs from tariffs and a pullback in consumer spending. The company reaffirmed that guidance Thursday.
Its tariff costs have risen since then. In June, the Trump administration hiked the tariff on imported aluminium from 25 per cent to 50 per cent. (AP)
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