PepsiCo Q2 Earnings Per Share Miss Estimates at $2.20 vs $2.21 Expected

According to PepsiCo, the company reported mixed second-quarter results on Thursday as North American food and beverage divisions weakened, offsetting strong international demand. Adjusted earnings per share came in at $2.20, missing analyst estimates of $2.21, though revenue of $24.18 billion beat expectations of $23.95 billion.

CEO Ramon Laguarta attributed the shortfall to tightening U.S. consumer budgets amid rising inflation and elevated gas prices, which hit a four-year high of $4.56 per gallon in May. North American beverage volume declined 4% while food volume remained flat, though global food volume increased 3% and beverages rose 2%. The company maintained its full-year guidance, expecting organic revenue growth of 2-4% and core constant currency earnings per share growth of 4-6%.