PepsiCo Reports First-Quarter 2021 Results; Reaffirms 2021 ...
PepsiCo Reports First-Quarter 2021 Results; Reaffirms 2021 Financial Guidance
Reported (GAAP) First-Quarter 2021 Results
Net revenue growth Foreign exchange impact on net revenue Earnings per share (EPS) EPS change Foreign exchange impact on EPS
First Quarter 6.8% (0.5)% $1.24 29% --%
Organic/Core (non-GAAP)1 First-Quarter 2021 Results
Organic revenue growth Core EPS Core constant currency EPS change
First Quarter 2.4% $1.21 14%
PURCHASE, N.Y. - April 15, 2021 - PepsiCo, Inc. (NASDAQ: PEP) today reported results for
the first quarter 2021.
"We are pleased with our results for the first quarter as we successfully overcame challenges related to difficult year-over-year comparisons, uneven recoveries across many of our international markets and weather-related business disruptions in the U.S.," said Chairman and CEO Ramon Laguarta.
"Our results are indicative of the strength and resilience of our highly dedicated employees, diversified portfolio, agile supply chain and go-to-market systems and strong marketplace execution. And we remain fully committed to executing against our key set of priorities to become a Faster, Stronger and Better organization and win in the marketplace. Following our first quarter results, we have greater confidence in delivering on our financial guidance for the full year."
1 Please refer to the Glossary for the definitions of non-GAAP financial measures, including "Organic," "Core," and "Constant Currency," and to "Guidance and Outlook" for additional information regarding PepsiCo's full-year 2021 financial guidance. PepsiCo provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange and commodity mark-to-market net impacts. Please refer to PepsiCo's Quarterly Report on Form 10-Q for the 12 weeks ended March 20, 2021 (Q1 2021 Form 10-Q) filed with the SEC for additional information regarding PepsiCo's financial results.
1
Summary First-Quarter 2021 Performance
Frito-Lay North America
Quaker Foods North America
PepsiCo Beverages North America
Latin America
Europe
Africa, Middle East and South Asia
Asia Pacific, Australia and New Zealand and China Region
Total
GAAP Reported % Change
4
2
Revenue
Percentage Point Impact
Foreign Exchange Translation
Acquisitions, Divestitures,
and Other Structural Changes
--
(0.5)
(0.5)
--
Organic % Change
3
1
Unit Volume(a)
% Change
Food/Snack (1) (4)
Beverage
5
--
(3)
2
(5)
8
--
3
(2)
2
--
--
(3)
(2)
(4)
4
7
40
1
(42)
(1)
4
1
70
(8)
(44)
18
7
0.5
(5)
2
16
15
1
2
Operating Profit and EPS
Frito-Lay North America Quaker Foods North America PepsiCo Beverages North America Latin America Europe Africa, Middle East and South Asia Asia Pacific, Australia and New Zealand and
China Region Corporate unallocated expenses Total
GAAP Reported % Change 3 -- 23 (6) (10) 4
Percentage Point Impact
Items Affecting Comparability
Foreign Exchange Translation
(1)
--
--
--
1
(0.5)
(1)
8
3
3
(2)
--
47
--
(7)
(63)
62
--
20
(14)
--
Core Constant Currency % Change 2 (1) 23 1 (4) 2
39 (1) 7
EPS
29
(16)
--
14
(a) Excludes the impact of acquisitions and divestitures. In certain instances, the unit volume change differs from the impact of organic volume growth on net revenue growth, due to product mix, nonconsolidated joint venture volume, and, for our beverage businesses, temporary timing differences between bottler case sales (BCS) and concentrate shipments and equivalents (CSE). Our net revenue excludes nonconsolidated joint venture volume, and, for our franchise-owned beverage businesses, is based on CSE.
Note: Amounts may not sum due to rounding.
Organic revenue and core constant currency results are non-GAAP financial measures. Please refer to the reconciliation of GAAP and non-GAAP information in the attached exhibits and to the Glossary for definitions of "Organic," "Core" and "Constant Currency."
2
Guidance and Outlook
The Company provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and commodity mark-to-market net impacts.
For 2021, the Company continues to expect: ? A mid-single-digit increase in organic revenue; ? A high-single-digit increase in core constant currency EPS; ? A core annual effective tax rate of approximately 21 percent; and ? Total cash returns to shareholders of approximately $5.9 billion, comprised of dividends of approximately $5.8 billion and share repurchases of $106 million. We completed our share repurchase activity and do not expect to repurchase any additional shares for the balance of 2021.
In addition, the Company continues to expect a 1-percentage-point foreign exchange translation tailwind to benefit reported net revenue and core EPS growth based on current market consensus rates.
Prepared Management Remarks and Live Question and Answer Webcast
At approximately 6:30 a.m. (Eastern time) on April 15, 2021, the Company will post prepared management remarks (in pdf format) of its first quarter 2021 results and business update, including its outlook for 2021, at investors. At 8:15 a.m. (Eastern time) on April 15, 2021, the Company will host a live question and answer session with investors and financial analysts. Further details will be accessible on the Company's website at investors.
Contacts: Investor Relations investor@
Communications pepsicomediarelations@
3
PepsiCo, Inc. and Subsidiaries Condensed Consolidated Statement of Income (in millions except per share amounts, unaudited)
Net Revenue Cost of sales Gross profit Selling, general and administrative expenses Operating Profit Other pension and retiree medical benefits income Net interest expense and other Income before income taxes Provision for income taxes Net income Less: Net income attributable to noncontrolling interests Net Income Attributable to PepsiCo
Diluted Net income attributable to PepsiCo per common share Weighted-average common shares outstanding
12 Weeks Ended
3/20/2021
3/21/2020
$ 14,820 $ 13,881
6,671
6,127
8,149
7,754
5,837
5,830
2,312
1,924
120
77
(258)
(290)
2,174
1,711
451
360
1,723
1,351
9
13
$
1,714 $
1,338
$
1.24 $
0.96
1,387
1,396
A - 1
PepsiCo, Inc. and Subsidiaries Supplemental Financial Information
(in millions and unaudited)
Net Revenue Frito-Lay North America Quaker Foods North America PepsiCo Beverages North America Latin America Europe Africa, Middle East and South Asia Asia Pacific, Australia and New Zealand and China Region Total
Operating Profit Frito-Lay North America Quaker Foods North America PepsiCo Beverages North America Latin America Europe Africa, Middle East and South Asia Asia Pacific, Australia and New Zealand and China Region Corporate unallocated expenses Total
12 Weeks Ended
3/20/2021
3/21/2020
$
4,236 $
4,074
646
634
5,074
4,838
1,242
1,310
1,795
1,839
883
631
944
555
$
14,820 $
13,881
$
1,240 $
1,202
150
150
366
297
218
231
131
146
138
134
208
142
(139)
(378)
$
2,312 $
1,924
A - 2
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