PepsiCo Reiterates FY24 Adj. EPS Outlook Of At Least $8.15 Vs. $8.16 Estimate, Organic Revenue Growth Of 4%

Author: Benzinga Newsdesk | July 11, 2024 06:04am

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 2024, the Company now expects:
• Approximately 4 percent organic revenue growth (previously at least 4%).
In addition, the Company continues to expect:
• At least 8 percent increase in core constant currency EPS;
• A core annual effective tax rate of 20 percent;
• Total cash returns to shareholders of approximately $8.2 billion, comprised of dividends of $7.2
billion and share repurchases of $1.0 billion; and
• An approximate 1-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth based on current market consensus rates.
This assumption and the guidance above imply 2024 core EPS of at least $8.15, a 7 percent increase compared to 2023 core EPS of $7.62.

Posted In: PEP