PepsiCo has today (25 April) reported a 13% jump in first-quarter profits as its food businesses weighed in with a set of healthy results.
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The US food and drinks giant saw operating profit reach US$1.4bn during the three months to 24 March. Turnover rose 9% to $7.4bn, the company said.
The company’s Frito-Lay North America business posted a 7% rise in sales and earnings thanks to a “particularly good performance” from Doritos and SunChips, PepsiCo CEO Indra Nooyi said.
Nooyi added that PepsiCo’s Quaker Foods North America unit enjoyed “solid volume growth” thanks to a strong performance from its Oatmeal brand. Quaker earnings rose 3% thanks to the higher sales and reduced marketing expenditure.
Internationally, PepsiCo’s snacks business outperformed its beverage brands in volume terms. In Latin America, snacks volumes rose 12%; in Europe, the Middle East and Africa, volumes also increased by 12%. In Asia Pacific, PepsiCo saw snacks volumes jump 19% during the first quarter.
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By GlobalData“Our business momentum is strong coming out of the first quarter, which increases our confidence in the full-year outlook,” Nooyi said.
Reaffirming its guidance for the full year, the company said it expects to report EPS of at least $3.30 per share.
