New York, July 25 (FinanceEnquiry.com) – Pepsi (NYSE: PEP) tops analysts’ estimates on higher prices during second quarter.
The world’s second largest snack-food maker reported profit excluding some item of $1.12 a share. During the quarter, the net income of the company fell 21 percent to $1.49 billion from $1.89 billion as compared to the previous year. Gross margin fell to 51.9% from 52.7%. After the company re-franchised bottling operations in China and Mexico, sales fell 2.2 percent to $16.5 billion.
For snacks, the sales volume grew 6 percent whereas for the beverages, it grew 1 percent. In Latin America, the food sales volumes rose 15 percent whereas in Africa, Middle East and Asia unit, it jumped 15 percent.
On top of a 5.5 percent gain in the first quarter, Indra Nooyi, Chief Executive Officer, raised prices 4 percent globally in the quarter. To market brands like Doritos, Mountain Dew and Pepsi-Cola, the media spending was also increased more than 40 percent
According to JP Morgan, the trajectory for the underlying business continues to be positive.
Yesterday, the shares of the company skidded 0.8 percent to $68.79 in New York.
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