On July 12, 2022, PepsiCo reported Q2 revenue of $20.2 billion (an increase of 5% year-over-year, organic growth of 13%) on Non-GAAP earnings per share (EPS) of $1.86.
Summary: PepsiCo’s Q2 2022 revenue grew 5% as compared to the same period in 2021. PepsiCo reports its revenues across seven segments: Frito-Lay North America (FLNA), Quaker Foods North America (QFNA), PepsiCo Beverages North America (PBNA), Latin America (LatAm), Europe, Africa, Middle East & South Asia (AMESA), and Asia-Pacific, Australia and New Zealand and China Region (APAC).
Down the P&L, the company reported GAAP gross margins of 53.4% during Q2 2022, a year-over-year decrease of 34 bps due to increasing inflationary pressures. GAAP operating margins declined 601 bps year-over-year to 10.3%, the decline primarily reflects the impact of the charges associated with the Russia-Ukraine conflict and the brand portfolio impairment charges. On the bottom line, the company reported a per-share basis profit of $1.03 (GAAP), whereas the Non-GAAP EPS came to $1.86 per share.
Guidance: PepsiCo now expects to deliver 10% organic revenue growth (as opposed to the previous guidance of 8%) for FY2022. In line with its previous guidance for 2022, PepsiCo continues to expect:
Pepsi also continues to expect a 2-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth based on current market consensus rates.
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