US: International units please Pepsi boss
PepsiCo chairman and CEO Indra Nooyi said today (24 April) that the group's international operations performed well "on virtually every dimension" during the first quarter of the year.
The US food and beverage giant saw first-quarter profits jump 10% as earnings from its overseas businesses leapt by more than a quarter.
Group operating profit climbed to US$1.6bn during the three months to the end of March, on a 13% rise in revenue to $8.3bn.
Earnings from PepsiCo International grew by 26% to $241m, with sales up 27% to $1.8bn.
PepsiCo Americas Foods, the recently-created unit running the group's food operations in the Americas, saw profits rise 8% to $966m.
Turnover from the division rose 13% to $4.2bn and helped to offset a "significant" increase in commodity costs, Nooyi said.
"The combination of pricing and productivity actions delivered solid results," she said. "PAF's results were driven by strong performance in the Latin America Foods division and solid volume growth at Frito-Lay North America."
Nooyi reaffirmed the company's full-year outlook. PepsiCo sees volumes rising by 3-5%, revenues climbing in "high single-digits" and earnings per share of at least $3.72.
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