PepsiCo earnings beat estimates, but U.S. demand weakens

PepsiCo missed Wall Street's estimates for its second-quarter revenue as its three North American business units reporting declining volume.Pepsi bottles with new and previous logos are seen at the grocery store in Las Vegas, United States on November 17, 2023.The company also narrowed its revenue outlook for the full year. Pepsi now expects organic revenue growth of approximately 4%, a more cautious outlook than its previous forecast of at least 4%.

Pepsi posted second-quarter net income attributable to the company of $3.08 billion, or $2.23 per share, up from $2.75 billion, or $1.99 per share, a year earlier.Net sales rose nearly 1% to $22.5 billion. The company's organic revenue, which excludes acquisitions, divestitures and currency changes, increased 1.9% for the quarter, fueled by Pepsi's international business.

But the company struggled in its home market, hurt by product recalls and shrinking demand for its products. After several years of price increases,Frito-Lay North America's volume declined 4%, while Pepsi's North American beverage unit saw volume shrink 3%. The metric strips out pricing and currency changes to reflect demand.

Quaker Foods North America saw its volume fall 17% in the quarter as the division continues to deal with fallout related to recalls for potential salmonella contamination issued in December and January.

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