PepsiCo's Higher Productivity Key To Navigating Slower Sales Growth, BofA Analyst Remains Bullish
PepsiCo's Higher Productivity Key To Navigating Slower Sales Growth, BofA Analyst Remains Bullish
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.BofA Securities analyst Bryan D. Spillane expresses views on PepsiCo, Inc.'s (NASDAQ:PEP) mixed third-quarter results reported on Tuesday.
美银证券分析师Bryan D. Spillane对百事可乐公司（纳斯达克：PEP）周二发布的混合第三季度业绩表达观点。
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.
今天，该公司报告调整后的每股收益为2.31美元，超过了2.29美元的共识估计，而营业收入为233.19亿美元，低于238.25亿美元的共识估计。
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.
到2024年，百事可乐预计有机营业收入将略有增长（此前约为4%），并继续预计核心恒定货币每股收益至少增加8%。
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.
百事可乐的假设和指引意味着2024年调整后的每股收益至少为8.15美元（共识8.15美元），同比增长7%。
Spillane notes that the second half of the year typically accounts for over half of total revenue, and the guidance suggests organic growth of -1% to +3% in the fourth quarter.
Spillane指出，一年的下半年通常占总营业收入的一半以上，而该指引暗示第四季度有机增长为-1%至+3%。
The analyst writes that PEP is likely relying on higher productivity than initially planned to maintain its reiterated EPS, despite lowering its organic sales guidance.
该分析师指出，百事可乐很可能依靠更高的生产力来维持其调整后的每股收益，尽管降低了有机销售指引。
However, the volume performance in the third quarter indicates a possible need for additional support next year, adds the analyst.
然而，第三季度的成交量表现暗示明年可能需要额外支持，分析师补充道。
The analyst writes that with remedial actions addressing volume weakness now in place, he expects the stock to perform well if market share improves.
该分析师写道，通过采取解决成交量疲软的补救措施，如果市场份额改善，他预计股票表现将良好。
The analyst says that PEP's premium valuation of 20x over non-alcoholic beverage peers is justified by its strengthened position and pricing power amid ongoing inflationary pressures.
分析师表示，PEP对非酒精饮料同行的20倍溢价定价是合理的，这得益于其在持续通胀压力下加强的地位和定价权。
The analyst maintains the Buy rating and $185 price target.
该分析师维持买入评级，目标价为185美元。
Investors can gain exposure to the stock via iShares U.S. Consumer Staples ETF (NYSE:IYK) and First Trust Nasdaq Food & Beverage ETF (NASDAQ:FTXG).
投资者可以通过iShares美国必备消费etf (纽交所：IYK) 和First Trust纳斯达克食品饮料etf (纳斯达克：FTXG)获得该股票的曝光。
Price Action: PEP shares are up 0.89% at $168.69 at the last check Tuesday.
股价走势：百事可乐股票在周二最后检查时上涨0.89%，报168.69美元。
Image via Shutterstock
图片来自shutterstock。
- September Inflation Preview: Traders Brace For Market Jitters As Crucial Report Looms Ahead Of Fed Meeting
- 九月通胀预览：交易员为市场震荡做好准备，关键报告即将在联邦公开市场委员会会议之前出炉。
