PepsiCo Inc. (Nasdaq: PEP) today announced results for the second quarter 2021, reporting net sales of 20.5% (and 12.8% organic growth) for period. Earnings per share for the quarter were $1.70, a change of 44%.
The company’s North American beverage business saw organic revenue growth of 21%, the highest of all of Pepsi’s divisions during the second quarter. Volume of its drinks increased 15%. Beverage revenue in the foodservice segment, which includes sales to restaurants, arenas and college campuses, doubled during the second year’s quarter. A year prior, the foodservice division’s organic revenue dropped 7%.
Frito-Lay North America, which includes such snack brands as Cheeto and Doritos, had organic revenue growth of 6% in the second quarter. Foodservice and convenience stores drove sales as consumers became more mobile. Frito-Lay t has experienced strong sales throughout the pandemic, reporting organic growth of 6% a year earlier.
“We are pleased with our second quarter results as we delivered very strong double-digit net revenue and earnings per share growth. Given the strength of our results, we now expect our full year organic revenue to increase 6% and core constant currency earnings per share to increase 11%,” said chairman and chief executive Ramon Laguarta.
“Our results give us confidence that the investments behind our ‘Faster, Stronger and Better’ framework are working,” Laguarta continued, “as we invest in our brands, supply chain and go-to market systems, manufacturing capacity, capabilities and culture, and our society by integrating purpose into everything we do. Moving forward, we remain focused on winning in the marketplace and building competitive advantages that will position us well as consumer habits and preferences evolve over time.”
Click here to PepsiCo’s full press release.
