PURCHASE (dpa-AFX) - PepsiCo, Inc. (PEP) Thursday reported lower profit for the first quarter, primarily impacted by decline in revenue. Earnings missed the Street expectations. The company also lowered its fiscal 2025 core EPS outlook.
Net income for the quarter decreased to $1.834 billion or $1.33 per share from $2.042 billion or $1.48 per share in the same quarter a year ago.
Excluding one-time items, core earnings were $2.031 billion or $1.48 per share, that missed the average analysts' estimate of $1.49 per share. Analysts' estimates typically exclude special items.
Operating profit dropped to $2.583 billion from $2.717 billion last year.
Revenue for the quarter was $17.919 billion, down from $18.250 billion in the previous year. The consensus estimate was for $17.73 billion.
For fiscal 2025, the company now expects core EPS to be 3% down from last year. This compares with the previous outlook of a low-single-digit increase. It continues to expect a low-single-digit increase in organic revenue.
'As we look ahead, we expect more volatility and uncertainty, particularly related to global trade developments, which we expect will increase our supply chain costs. At the same time, consumer conditions in many markets remain subdued and similarly have an uncertain outlook,' said Chairman and CEO Ramon Laguarta.
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