PepsiCo Inc (NASDAQ:PEP) shares are trading lower after the company reported mixed third-quarter results and lowered its 2024 organic revenue guidance.
The company reported a third-quarter net revenue decline of 0.6% year-over-year to $23.319 billion and organic growth of 1.3%, missing the consensus estimate of $23.825 billion.
The gross margin expanded by 94 bps to 55.4% for the quarter, and the operating margin contracted by 51 bps to 16.6%.
Net revenue from Frito-Lay North America decreased 1% year over year, Quaker Foods North America dropped 13%, and PepsiCo Beverages North America was flat.
Latin America sales fell 5% YoY, Europe sales rose 7%, Africa, Middle East and South Asia down 4%, and Asia Pacific, Australia and New Zealand and China sales declined 2%.
The company held $7.3 billion in cash and equivalents ...
