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April 28, 2020, 6:16 a.m. EDT

PepsiCo sales top estimates as profit falls short, withdraws full-year guidance

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By Ciara Linnane

PepsiCo Inc. /zigman2/quotes/208744353/composite PEP +1.30% said Tuesday it had net income of $1.338 billion, or 96 cents a share, in its fiscal first quarter to March 21, down from $1.413 billion, or 1.00 a share, in the year-earlier period. Revenue rose to $13.881 billion from $12.884 billion. The FactSet consensus was for EPS of $1.03 and revenue of $13.192 billion. "Despite a strong first quarter, there is still a great deal of uncertainty that exists in relation to COVID-19, including how geographies, retail channels and consumer behaviors will evolve over time," the company said in a statement. "Due to this uncertainty, the Company's previous financial outlook regarding fiscal year 2020 is no longer applicable." The company is still expecting to return $7.5 billion to shareholders in fiscal 2020, split between dividends of $5.5 billion and share buybacks of $2.0 billion. Shares rose 0.9% premarket and are down 1.6% in 2020, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.36% has fallen 11%.

/zigman2/quotes/208744353/composite
US : U.S.: Nasdaq
$ 144.16
+1.85 +1.30%
Volume: 6.48M
April 16, 2021 4:00p
P/E Ratio
26.72
Dividend Yield
2.84%
Market Cap
$196.62 billion
Rev. per Employee
$241,828
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/zigman2/quotes/210599714/realtime
US : S&P US
4,185.47
+15.05 +0.36%
Volume: 2.21B
April 16, 2021 5:15p
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