PepsiCo has announced mixed second-quarter financial results, with strong performance in international markets offsetting weakness in its North American food and beverage segments.
Adjusted earnings per share came in at $2.20, against expectations of $2.21, while the company recorded revenue of $24.18 billion, surpassing forecasts of $23.95 billion.
PepsiCo posted net income attributable to shareholders of $2.98 billion, or $2.18 per share, compared with $1.26 billion, or $0.92 per share, in the same period last year.
Excluding restructuring costs, impairment losses and certain other items, earnings per share stood at $2.20.
Net sales rose 6.4% to $24.18 billion, while organic revenue — which excludes the impact of acquisitions, divestitures and foreign exchange fluctuations — grew 2.4% during the quarter.
Chief Executive Ramon Laguarta said the company's results were affected during the quarter by a slowdown in the food and beverage categories in the United States, as consumers tightened their spending amid mounting inflationary pressures.