PepsiCo (PEP) Q1 2024 earnings [Video]

PepsiCo on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations, despite weaker U.S. demand caused by Quaker Oats recalls and backlash to higher prices for its drinks and snacks.

Shares of the company were down less than 1% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $1.61 adjusted vs. $1.52 expected
• Revenue: $18.25 billion vs. $18.07 billion expected

Pepsi reported first-quarter net income attributable to the company of $2.04 billion, or $1.48 per share, up from $1.93 billion, or $1.40 per share, a year earlier.

Excluding items, Pepsi earned $1.61 per share.

Net sales rose 2.3% to $18.25 billion. The company’s organic revenue, which excludes acquisitions, divestitures and foreign exchange, increased 2.7% in the quarter.

But the company’s volume is still under pressure. Pepsi, along with many of its rivals, has seen its volume …