On Thursday, before the opening bell, PepsiCo reported better-than-expected earnings results with its fiscal year 2020 third-quarter earnings release. On the top line, revenues of $18.09 billion exceeded expectations of $17.23 billion. On the bottom line, adjusted earnings per share of $1.66 exceeded expectations of $1.49 per share.
In addition to the positive headline numbers, PepsiCo’s organic revenue increased by 4.2 percent. Pepsi’s Frito-Lay and Quaker Foods businesses both reported organic revenue growth of 6%. Its North American beverage unit’s organic sales rose by 3% this quarter.
In the press release, Chairman and CEO Ramon Laguarta said: “Despite the ongoing volatility and complexity in our operating environment, I believe our third quarter performance reinforces the diversification of our portfolio, the resilience and agility of our teams across every continent and demonstrates our ability to support our customers and communities during their time of need while also delivering good results for