PepsiCo reports dip in second-quarter revenue
PepsiCo reported Wednesday that second-quarter revenue fell 3 percent to $10.6 billion and net income dropped 2 percent to $1.66 billion, or $1.06 per share.
The Purchase, N.Y., food and beverage firm said it had core earnings, excluding restructuring costs and gains from commodity hedging, of $1.02 per share. That beat analyst expectations of $1 per share, according to Thomson Reuters.
Sales volume rose for snack foods and international beverages for PepsiCo, which owns Frito Lay and Quaker. But sales volume for the PepsiCo Americas Beverages unit fell 6 percent. The company said Gatorade sales declined as consumers switched to cheaper beverages.
Atlanta-based Coca-Cola Co. reported Tuesday that its second-quarter sales volume rose 4 percent. International markets rose 5 percent while North America fell 1 percent. Coke’s net income, excluding one-time items, beat analyst expectations.
--JOE GUY COLLIER
