Beverage and snack giant PepsiCo (PEP) has reported mixed financial results for this year’s third quarter and lowered its forward guidance.
The Harrison, New York-based company announced earnings per share (EPS) of $2.31 U.S. versus $2.29 U.S. that had been expected among analysts.
Revenue in the quarter totaled $23.32 billion U.S., which fell short of Wall Street estimates that had called for $23.76 billion U.S. Sales were down 0.6% from a year earlier.
The company blamed the mixed results on weaker-than-expected sales of its signature soft drinks and snacks that include Pepsi, Mountain Dew, and Lay’s potato chips.
Specifically, PepsiCo said that its revenue was impacted by slow consumer sales, a product recall in its Quaker Foods business, and disruptions due to geopolitical conflicts.
Looking ahead, PepsiCo lowered its full-year revenue outlook for a second straight quarter.
Management said they now expect sales to grow in a low single-digit range throughout the company’s current fiscal year. It had previously forecast 4% revenue growth.
The stock of PepsiCo declined 1% immediately after the company’s latest financial results were made public. Year-to-date, the stock is down 3% and trading at $167.21 U.S. a share.
