PepsiCo (PEP) Q3 2024 earnings [Video]

PepsiCo on Tuesday lowered its full-year outlook for organic revenue after its second straight quarter of weaker-than-expected sales.

The repercussions of the Quaker Foods North America recalls, weakening demand in the U.S. and business disruptions in some international markets weighed on the company’s performance in the quarter, CEO Ramon Laguarta said in a statement.

For 2024, Pepsi now expects a low-single-digit rise in organic revenue, down from its prior outlook of 4% growth. The company reiterated its forecast for an increase of at least 8% for its core constant currency earnings per share.

Shares of the company fell 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: $2.31 adjusted vs. $2.29 expected
• Revenue: $23.32 billion vs. $23.76 billion expected

Pepsi reported third-quarter net income attributable to the company of $2.93 billion, or $2.13 per share, down from $3.09 billion, …