PepsiCo 2Q adj. profit tops Street, revenue climbs

Published 07-10-2018

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PURCHASE, N.Y. (AP) – PepsiCo's second-quarter was weighed down by a higher tax rate, but its adjusted profit beat Wall Street expectations and revenue improved.

For the period ended June 16, the beverage and snack maker earned $1.82 billion, or $1.28 per share. A year earlier the Purchase, New York, company earned $2.11 billion, or $1.46 per share.

Stripping out certain items, earnings were $1.61 per share. That, according to a poll by Zacks Investment Research, was 10 cents better than Wall Street had expected.

PepsiCo Inc.'s tax rate climbed to 36.9 percent, from 23.7 percent. The company said Tuesday that a $777 million provisional transition tax expense led to the tax rate increase.

Revenue rose to $16.09 billion from $15.71 billion, driven by higher sales in its Europe Sub-Saharan Africa unit and its Frito-Lay North America division. Still, the performance was just shy of most projections.

PepsiCo still expects full-year earnings of $5.70 per share.

Shares climbed 1.4 percent before the market open.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEP at https://www.zacks.com/ap/PEP

Shares climbed 1.4 percent before the market open.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEP at https://www.zacks.com/ap/PEP

Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEP at https://www.zacks.com/ap/PEP

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FILE- In this May 7, 2018, file photo, cans of Pepsi are displayed in New York. PepsiCo Inc. reports earns on Tuesday, July 10. (AP Photo/Mark Lennihan, File) - The Associated Press


FILE- In this May 7, 2018, file photo a delivery man unloads cases of soft drinks from a Pepsi truck in New York. PepsiCo Inc. reports earns on Tuesday, July 10. (AP Photo/Mark Lennihan, File) - The Associated Press