Summary by Moomoo AI
PepsiCo reported Q2 2024 results with net revenue growing 0.8% to $22.5 billion, while organic revenue increased 1.9%. Operating profit rose 11% to $4.05 billion, with core EPS up 9% to $2.28. The company faced challenges from difficult revenue comparisons and subdued North America convenient foods performance.The company's international segments showed mixed results, with Latin America revenue up 7%, Europe up 2.5%, and Africa, Middle East and South Asia up 2%. However, Asia Pacific revenue declined 2%. Margin performance improved with gross margin expanding 126 basis points and operating margin growing 160 basis points.Looking ahead, PepsiCo revised its 2024 organic revenue growth forecast to approximately 4%, down from the previous "at least 4%" target. The company maintained its core constant currency EPS growth outlook of at least 8% and expects to return approximately $8.2 billion to shareholders through $7.2 billion in dividends and $1 billion in share repurchases.
