PepsiCo's Higher Productivity Key To Navigating Slower Sales Growth, BofA Analyst Remains Bullish

BofA Securities analyst Bryan D. Spillane expresses views on PepsiCo, Inc.‘s (NASDAQ:PEP) mixed third-quarter results reported on Tuesday. Today, the company reported adjusted EPS of $2.31, which beat the consensus estimate of $2.29, while revenue of $23.319 billion missed the consensus estimate of $23.825 billion. For 2024, PepsiCo expects a low-single-digit increase in organic revenue (previously ~4%) and continues to expect at least an 8% increase in core constant currency EPS. PepsiCo's assumption and guidance imply that 2024 adjusted EPS of at least $8.15 (consensus $8.15) will be a 7% increase year over year. Spillane notes that the second half of the year ...